Smith v. Baldwin

*613STEAKLEY, Justice.

On September 9, 1976, Alan Baldwin, d/b/a Alan Baldwin, Builder, contracted to build a house for Roland Smith. On the same day, Smith executed to Baldwin a promissory note for $31,300, payable within 180 days, Baldwin agreeing to pay all interim interest. Baldwin assigned the note to Mutual Savings Institution (Mutual) in order to obtain interim financing. The permanent financing was to be supplied by the Veteran’s Administration (V.A.) which required a final V.A. inspection report prior to approval of the permanent loan. Smith began moving into the house prior to the date…