Luddington v. Bodenvest Ltd.

HOWE, Associate Chief Justice:

Bodenvest Ltd., a Utah limited partnership, appeals from a decree of foreclosure entered on a cross-claim filed against it by Foothill Thrift.

Until it filed bankruptcy in February 1987, Granada, Inc., was Bodenvest’s general partner. Granada's common stock was owned by C. Dean Larsen, who was its president and one of its directors. Boden-vest’s limited partners were retirement trusts established by various Utah medical practitioners. The primary purpose of the partnership, as stated in paragraph 2.1 of its certificate and agreement, was

to acquire a parcel of…