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TRACY COLLINS BANK & TRUST COMPANY v. SEIGER

No. 14125.

546 P.2d 237 (1976)

TRACY COLLINS BANK & TRUST COMPANY, a Utah Corporation, Plaintiff and Respondent, v. Richard H. SEIGER et al., Defendants and Appellants, Jerry Timothy and Ann W. Timothy, his wife, Defendants and Cross-Appellants.

Supreme Court of Utah.

February 4, 1976.

Attorney(s) appearing for the Case

Walter P. Faber, Jr., and David Lloyd, of Watkins & Faber, Salt Lake City, for Utah Title and First Security St. Bank.

Ronald C. Barker, Salt Lake City, for Timothys.

Gordon L. Roberts, Roy B. Moore and F. Alan Fletcher, of Parsons, Behle & Latimer, Salt Lake City, for plaintiff and respondent.

ELLETT, Justice:

On December 13, 1972, defendants Seiger made and delivered to Tracy Collins Bank & Trust Company a note in the sum of $55,974.70 which was given for full value received. The note was not paid on February 12, 1973, its due date, and after some negotiations between the parties, a new note was given to Tracy Collins in the sum of $50,000 under date of March 14, 1973. As security for payment of the latter note, the Seigers contemporaneously executed...

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