Mullis v. Nevada Nat. Bank, No. 13642
| Docket Nº | No. 13642 |
| Citation | 98 Nev. 510, 654 P.2d 533 |
| Case Date | December 09, 1982 |
| Court | Supreme Court of Nevada |
Page 533
and all other stockholders of 221 North Virginia
Street, Inc., a Nevada corporation, dba
Silver Spur Casino, Appellants,
v.
NEVADA NATIONAL BANK, a National Banking Association, Respondent.
Page 534
Eric Zubel, Jeffrey N. Samuels, Darrell L. Clark, Las Vegas, for appellants.
Guild, Hagen & Clark, C. David Russell, Reno, for respondent.
[98 Nev. 511] OPINION
PER CURIAM:
This appeal involves the district court's interpretation of various loan documents. Summary judgment was entered in favor of the author of the subject documents. Because substantial factual disputes are both material and apparent, we must reverse.
In March of 1977, appellant Mullis and respondent Nevada National Bank (Bank) entered into a loan agreement under which the Bank loaned Mullis $2.1 million. This loan was evidenced by a promissory note secured by Mullis's real and personal assets, including approximately 867 shares of stock in the Silver Spur Casino (Silver Spur).
In 1979, the Silver Spur declared a dividend from which Mullis received approximately $85,000. Mullis immediately loaned the $85,000 back to the Silver Spur. Shortly thereafter, Mullis defaulted in his payments on the promissory note and the loan became delinquent. Rather than declare a default and demand payment in full, the Bank elected to assist Mullis in his efforts to sell some of his assets. These efforts, however proved to be futile.
Thereafter, the Bank advised the Silver Spur that it claimed the right to any dividends and/or earnings on Mullis's stock by virtue of the Pledge and Security Agreement entered into between the parties as part of the March, 1977 loan transaction. When the Silver Spur decided to distribute the corporation's retained earnings to its shareholders, it sent a letter to both Mullis and respondent informing them that the former's share of the distribution was $28,890, and that the corporation would hold that amount pending distribution instructions from both parties.
Mullis then filed a complaint against the Silver Spur and its corporate officers and directors alleging, among other things, that the Silver Spur was indebted to him in the sum of $85,000 by virtue of the loan of March of 1979, and that he was entitled to the $28,890 as his share of the distribution of the retained earnings. The Silver Spur did not contest these allegations and voluntarily deposited the total amount with the clerk of the court.
The Silver Spur responded to the complaint by filing a third [98 Nev. 512] party complaint for interpleader against the Bank on the ground that the Bank had previously made claim to all funds which were now deposited with the...
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Collins v. Union Federal Sav. & Loan Ass'n, No. 12961
...documents to create two separate loans. The documents are unambiguous with respect to this issue. Cf. Mullis v. Nevada National Bank, 98 Nev. 510, 654 P.2d 533 (1982) (ambiguous contracts can create triable issue of fact). All the relevant documents were executed by the same parties on Marc......
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Wood v. Safeway, Inc., 40048.
...& Gossett Co., 99 Nev. 616, 668 P.2d 1075 (1983); Servaites v. Lowden, 99 Nev. 240, 660 P.2d 1008 (1983); Mullis v. Nevada National Bank, 98 Nev. 510, 654 P.2d 533 (1982); Nehls v. Leonard, 97 Nev. 325, 630 P.2d 258 (1981); Davenport v. Republic Insurance Co., 97 Nev. 152, 625 P.2d 574 (198......
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Calloway v. City of Reno, 25628.
..."be required to determine whether the law has been correctly perceived and applied by the district court." Mullis v. Nevada National Bank, 98 Nev. 510, 512, 654 P.2d 533, 535 II. Application of the economic loss doctrine A. Overview of the economic loss doctrine "The economic loss doctrine ......
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Intelligent Digital Sys., LLC v. Beazley Ins. Co., 12-cv-1209 (ADS)(GRB)
...evidence." Margrave v. Dermody Properties, Inc., 110 Nev. 824, 827, 878 P.2d 291, 293 (Nev. 1994) (citing Mullis v. Nevada National Bank, 98 Nev. 510, 513, 654 P.2d 533, 536 (Nev. 1982)). The initial determination of whether a contract is ambiguous is a question of law for a court to decide......
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Collins v. Union Federal Sav. & Loan Ass'n, No. 12961
...documents to create two separate loans. The documents are unambiguous with respect to this issue. Cf. Mullis v. Nevada National Bank, 98 Nev. 510, 654 P.2d 533 (1982) (ambiguous contracts can create triable issue of fact). All the relevant documents were executed by the same parties on Marc......
-
Wood v. Safeway, Inc., 40048.
...& Gossett Co., 99 Nev. 616, 668 P.2d 1075 (1983); Servaites v. Lowden, 99 Nev. 240, 660 P.2d 1008 (1983); Mullis v. Nevada National Bank, 98 Nev. 510, 654 P.2d 533 (1982); Nehls v. Leonard, 97 Nev. 325, 630 P.2d 258 (1981); Davenport v. Republic Insurance Co., 97 Nev. 152, 625 P.2d 574 (198......
-
Calloway v. City of Reno, 25628.
..."be required to determine whether the law has been correctly perceived and applied by the district court." Mullis v. Nevada National Bank, 98 Nev. 510, 512, 654 P.2d 533, 535 II. Application of the economic loss doctrine A. Overview of the economic loss doctrine "The economic loss doctrine ......
-
Intelligent Digital Sys., LLC v. Beazley Ins. Co., 12-cv-1209 (ADS)(GRB)
...evidence." Margrave v. Dermody Properties, Inc., 110 Nev. 824, 827, 878 P.2d 291, 293 (Nev. 1994) (citing Mullis v. Nevada National Bank, 98 Nev. 510, 513, 654 P.2d 533, 536 (Nev. 1982)). The initial determination of whether a contract is ambiguous is a question of law for a court to decide......