Vail J. Phillips v. Utah State Credit

FACTS. - Phillips bought property in Tooele County with a loan from the Credit Union secured by a trust deed. As additional
security, Phillips assigned his mortgagee's interest in a note and mortgage on Central Ranches. Phillips defaulted, and the
Credit Union foreclosed by power of sale, leaving a $22,566 deficiency. Meanwhile, Phillips received a check for $26,850
as payment on the Central Ranches note, and payable jointly to Phillips and the Credit Union, but Phillips did retained possession
of the check without cashing it. PROCEEDINGS. - Over three months after foreclosure, Phillips sued the Credit Union based on its failure to sue for a deficiency,
and the Credit Union counterclaimed seeking the deficiency. On cross-motions for summary judgment, the district court ordered
the Credit Union to return Phillips interest in Central Ranches. After trial to determine damages, the district court denied
relief for conversion of the check. The Credit Union appealed.