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MORRIS DeLEE FAMILY TRUST v. COST REDUCTION ENGINEERING

No. 15421.

705 P.2d 161 (1985)

MORRIS DeLEE FAMILY TRUST; Morris DeLee as Trustee of the Morris DeLee Family Trust, and Morris DeLee, individually, Appellant, v. COST REDUCTION ENGINEERING, INC.; James Edward Owen and Title Service and Escrow Co., Respondents.

Supreme Court of Nevada.

September 5, 1985.

Attorney(s) appearing for the Case

Peter L. Flangas, Las Vegas, for appellant.

Frank J. Cremen, Las Vegas, for respondents.

OPINION

PER CURIAM:

On January 19, 1979, Morris DeLee sold 2,040 acres of undeveloped land in the Amargosa Valley in Nye County, Nevada, to Cost Reduction Engineering, Inc. (CRE) and James E. Owen for the sum of $612,000. CRE paid $175,000 to DeLee and executed a promissory note in favor of DeLee for the balance of $437,000. Payment of this note was guaranteed by Owen individually and secured by a deed of trust executed and recorded on January 25, 1979....

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