CARRILLO v. VALLEY BANK OF NEVADA

No. 17394.

734 P.2d 724 (1987)

Fred W. CARRILLO, Appellant, v. VALLEY BANK OF NEVADA, a Nevada banking corporation, Respondent.

Supreme Court of Nevada.

March 31, 1987.


Attorney(s) appearing for the Case

Lionel, Sawyer & Collins and Todd M. Touton, Las Vegas, for appellant.

Jeffrey D. Sobel, Las Vegas, for respondent.


OPINION

PER CURIAM:

Valley Bank of Nevada (Valley Bank or the Bank) sued Carrillo for the balance due on a promissory note. The lower court entered summary judgment in favor of the Bank. For reasons hereafter specified, we reverse.

In February 1981, Carrillo, a joint venturer with Tonopah Enterprises, executed a one-year lease with an option to purchase the OK Corral Inn (the property) in Tonopah. Thereafter, Carrillo obtained a construction loan...

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