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ALH Holding Company v. Bank of Telluride
Colorado Supreme Court
18 P.3d 742 (2000)
Two buyers wanted to purchase property owned by ALH Holding Company (ALH) (plaintiff). The buyers borrowed most of the purchase money from ALH, and the balance from the Bank of Telluride (bank) (defendant). ALH and the bank each knew, before closing, that the other would be loaning money to the buyers and that both loans would be secured by deeds of trust on the property. The closing company recorded the bank's deed just before it recorded ALH's deed. When the buyers defaulted on both loans, the bank initiated a foreclosure sale on the property, and represented its lien on the property as superior to ALH's lien. ALH sued the bank, seeking a preliminary injunction to stop the sale and a declaratory judgment that its lien on the property had priority over the bank's lien. The trial court ruled in ALH's favor, and the bank appealed. The appellate court held that Colorado's race-notice recording statute gave priority to the bank's lien because it was recorded before ALH's lien, and reversed the trial court's judgment. ALH appealed to the Colorado Supreme Court.
Rule of Law
Holding and Reasoning (Coats, J.)
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