Phillips v. Utah State Credit Union

HALL, Chief Justice:

Defendant Utah State Credit Union (“USCU”) appeals an order of the Third Judicial District Court of the State of Utah granting partial summary judgment to plaintiff Vail J. Phillips and directing USCU to release and reassign a note and mortgage held as security, together with all proceeds due or to become due thereon. USCU also appeals the final judgment and order of the district court entered after trial of the same matter.

On November 18, 1980, Phillips borrowed $150,000 from USCU for the purpose of purchasing real property located in Tooele County, Utah. As security for…