Associated Industrial Developments v. J. Book Reviews

Associated Industrial Developments v. J. by Court of Appeals of Utah Book Summary

ZIMMERMAN, Justice: Plaintiff and defendants entered into various agreements respecting a piece of real property, culminating in a 1981 agreement providing for sale of the property to defendants. Defendants then mortgaged it back to plaintiff by way of a trust deed and a promissory note. The trust deed provided that in the event of default, it could be foreclosed upon like a mortgage. Defendants defaulted and plaintiff commenced a foreclosure action under the Code. U.C.A., 1953, §§ 78-37-1 to -9 (1977). Plaintiff sought judgment for the total principal sum plus interest, reasonable attorney fees and court costs, and for a decree authorizing a sheriffs sale of the property and providing for a subsequent deficiency judgment, if necessary. Defendants counterclaimed. They first contended that prior to the 1981 sale plaintiff had agreed to take certain steps with respect to the property but had not performed. Defendants next argued that they had made certain improvements to the property and that if plaintiff were permitted to foreclose, plaintiff would receive not only the bargained-for security, but also the substantial additions in value made to the property by defendants. Defendants urged the court not to permit the resulting unjust enrichment.

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