FOX v. FIRST WEST. SAV. AND LOAN ASSOC.

No. 6093.

470 P.2d 424 (1970)

George W. FOX, Appellant, v. FIRST WESTERN SAVINGS AND LOAN ASSOCIATION, Respondent. FIRST NATIONAL BANK of Nevada, Appellant, v. George W. FOX and First Western Savings and Loan Association, Respondents.

Supreme Court of Nevada.

June 11, 1970.


Attorney(s) appearing for the Case

Daryl E. Engebregson, Las Vegas, for George W. Fox.

Brown & Matteucci, Las Vegas, for First Nat. Bank of Nevada.

Dickerson, Miles & Gang, Las Vegas, for First Western Savings and Loan Ass'n.


OPINION

ZENOFF, Justice:

H & H Investment Corporation through one of its principals, George Fox, borrowed $1,187,800.00 from First Western Savings and Loan Association to construct 62 homes on the Capitol Hills Tract subdivision in Clark County. In order that they be in a priority position First Western required that two debts be cleared before the loan would be made. To accomplish that Fox arranged that a $40,000.00 debt be paid in cash from the loan...

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