James B. Eyberg and Sheila Eyberg v. Himat

George M. Flanigan, Presiding Judge This action, involving multiple claims and multiple parties, arises from the sale of approximately 47 acres of real estate (""the land"") in Pulaski County. The sellers were James B. Eyberg and Sheila Eyberg, his wife, and Roger Cape and Virginia Cape, his wife, plaintiffs below. The buyers were Himat Shah and Bhabana Shah, his wife, defendants below. The deed was delivered by sellers to buyers on September 4, 1986. The sale price was $900,000. In connection with the sale, the buyers borrowed $600,000 from Jefferson Savings & Loan Association (""Jefferson"") and gave Jefferson a note secured by a deed of trust on the land. The buyers later defaulted in the payment of the note and the trustee, at the request of Jefferson, foreclosed under the deed of trust. The foreclosure culminated in a sale on July 30, 1987, at which time Jefferson, as the successful bidder, received a trustee's deed to the land for a bid price of $400,000.