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CAPITAL ASSETS v. JORDANELLE DEV'T

No. 20100159-CA.

247 P.3d 411 (2010)

2010 UT App 385

CAPITAL ASSETS FINANCIAL SERVICES, Plaintiff and Appellant, v. JORDANELLE DEVELOPMENT, LLC, a Colorado limited liability company; and Bruce Riches, an individual, Defendants and Appellees.

Court of Appeals of Utah.

December 23, 2010.

Attorney(s) appearing for the Case

Bryan W. Cannon and Stephen W. Whiting , Sandy, for Appellant.

Shawn W. Potter , Heber City, for Appellees.

Before Judges ORME, VOROS, and ROTH.

MEMORANDUM DECISION

VOROS, Judge:

¶ 1 This case involves the nonjudicial foreclosure of a third-position trust deed. The appeal asks whether "fair market value" as used in Utah's deficiency statute refers to the fair market value of the unencumbered property or the fair market value of the property as encumbered by prior liens. We conclude that it refers to the latter.

¶ 2 Defendants Jordanelle Development, LLC and Bruce Riches (collectively...

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