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UNITED AMERICAN LIFE INSURANCE COMPANY v. WILLEY

No. 11086.

444 P.2d 755 (1968)

21 Utah 2d 279

UNITED AMERICAN LIFE INSURANCE COMPANY, a corporation, and Zions First National Bank, National Association, a corporation, Plaintiffs and Respondents, v. Gary J. WILLEY and Jean M. Willey, his wife, Horizon Investment Corporation, a corporation, and Oak Hills Recreation Club, a corporation, et al., Defendants and Appellants.

Supreme Court of Utah.

September 4, 1968.

Attorney(s) appearing for the Case

Carl T. Smith, Ogden, Nolan J. Olsen, Midvale, for appellant.

Roger J. McDonough, of Jones, Waldo, Holbrook & McDonough, Salt Lake City, for respondent.

ELLETT, Justice:

The respondents, as plaintiffs, brought suit on five notes and to foreclose various mortgages securing them. This appeal involves the counterclaim to one of the notes. The facts are not in dispute.

The stock of Horizon Investment Corporation is wholly owned by Mr. and Mrs. Willey, and these three are the appellants.

The Willeys organized Horizon for the purpose of constructing a country club...

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