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LEE v. VEREX ASSUR., INC.

No. 17818.

746 P.2d 140 (1987)

Way W. LEE, Priscilla D. Lee and Bryan D. Lee, Appellants, v. VEREX ASSURANCE, INC., and Missouri Savings Association, Respondents.

Supreme Court of Nevada.

December 3, 1987.

Attorney(s) appearing for the Case

Thomas J. Hall, Reno, for appellants.

Bible, Hoy, Miller, Trachok and Wadhams, Reno, for respondents.

OPINION

PER CURIAM:

In 1979 appellants Way W. Lee, his wife, Priscilla D. Lee, and his brother, Bryan D. Lee, began a joint venture to construct an eighty-four unit condominium complex in Reno. After construction difficulties, the Lees arranged for a loan through respondent Missouri Savings Association in the sum of $3,942,374.26 in May of 1982. As part of the loan package the Lees purchased loan insurance from respondent Verex Assurance.

The complex...

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