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LUDDINGTON v. BODENVEST LTD.

No. 900179.

855 P.2d 204 (1993)

Dean F. LUDDINGTON, trustee of the Dean F. Luddington Retirement Trust, Plaintiff, v. BODENVEST LTD., a Utah limited partnership; C. Dean Larsen, an individual; EFF Fund, a Utah limited partnership; Menacor, Inc., a Utah corporation; Petersen Investors, a Utah general partnership; Foothill Thrift, a Utah corporation; and John Does 1 through 12, Defendants. FOOTHILL THRIFT, now known as Foothill Financial, a Utah corporation, Counterclaimant, Cross-Complainant, and Appellee, v. BODENVEST LTD., a Utah limited partnership; Dean F. Luddington, trustee of the Dean F. Luddington Retirement Trust; EFF Fund, a Utah limited partnership; Menacor, Inc., a Utah corporation; Petersen Investors, a Utah general partnership; and John Does 1 through 12, Counterdefendants, Cross-Defendants, and Appellant.

Supreme Court of Utah.

Rehearing Denied June 22, 1993.

Attorney(s) appearing for the Case

Richard A. Rappaport, Jeffrey L. Silvestrini, Martha S. Stonebrook, Salt Lake City, for Foothill Thrift.

Dennis K. Poole, Salt Lake City, for Foothill Financial.

Stephen R. Randle, Salt Lake City, for Bodenvest.

HOWE, Associate Chief Justice:

Bodenvest Ltd., a Utah limited partnership, appeals from a decree of foreclosure entered on a cross-claim filed against it by Foothill Thrift.

Until it filed bankruptcy in February 1987, Granada, Inc., was Bodenvest's general partner. Granada's common stock was owned by C. Dean Larsen, who was its president and one of its directors. Bodenvest's limited partners were retirement trusts...

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