Montclair Towers, Ltd v. First Interstate Bank of Denver N.A.

FISCHBACH, Judge.

Series B bondholders of certain Colorado Health Facilities Revenue Bonds, consisting of Strickfaden Associates, Inc., Mont-clair Towers, Ltd., (Montclair), and Mont-clair’s general and limited partners, appeal the order of the probate court granting the petition of First Interstate Bank of Denver (trustee) to release security interests held for the benefit of the Series A and Series B bondholders, and to cancel the Series A and Series B bonds. We affirm.

This controversy arises from the sale of a nursing home by Montclair to Good Shepherd Health Facilities, Inc. (Good…