B-T Ltd. v. Blakeman

In a three party transaction involving the exchange of ranches, Kenneth and Fern Blakeman received title to a ranch known as the Upton Ranch. They made a $48,000 down payment and gave a promissory note and mortgage to Tatmans to secure the balance owed on the purchase price. The Blakemans did not make the first payment due on the note, so the Tatmans foreclosed the mortgage and the property was sold at a foreclosure sale for less than the amount due on the note.