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ACKMANN v. MERCHANTS MORTG. & TRUST CORP.

No. 80SC178.

645 P.2d 7 (1982)

Mr. and Mrs. Lowell E. ACKMANN, Mr. and Mrs. Noble Arnold, Russell Dashow, Mr. and Mrs. Donald Gregor, Mr. and Mrs. James F. Huntington, Dr. and Mrs. Paul Jacobi, Mr. and Mrs. Linas Jurcys, Mr. and Mrs. Helmut Kanoldt, Mr. and Mrs. William Lundberg, Mr. and Mrs. Fred H. Olander, L. Douglass Piggott, Mr. and Mrs. Harold Schimanski, Mr. and Mrs. Gerald W. Schultz, Mr. and Mrs. Richard Siakel, Mr. and Mrs. Ted Stockfish, Mr. and Mrs. Grant Taylor, Mr. and Mrs. Michael Toll, Mr. and Mrs. Ronald Vargason, Mr. and Mrs. Fred Weinert, Mr. and Mrs. Roy Kopeikin and Mr. and Mrs. Philip Wangelin, Petitioners, v. MERCHANTS MORTGAGE & TRUST CORPORATION, Respondent.

Supreme Court of Colorado, En Banc.

Rehearing Denied May 24, 1982.

Attorney(s) appearing for the Case

Arthur L. Fine, Denver, Davis, Miner & Barnhill, George F. Galland, Jr., Chicago, Ill., for petitioners.

Davis, Moorhead & Ceriani, P. C., Gary J. Ceriani, Denver, for respondent.

Thomas S. Martin, Acting Asst. U. S. Atty. Gen., Washington, D. C., Joseph F. Dolan, U. S. Atty., for the Dist. of Colo., Denver, Anthony J. Steinmeyer, Mary A. McReynolds, Washington, D. C., for United States as amicus curiae; Peter S. Race, Terrence G. Simpson, U. S. Department of Housing and Urban Development, Washington, D. C., of counsel.

J. D. MacFarlane, Atty. Gen., Richard F. Hennessey, Deputy Atty. Gen., Mary J. Mullarkey, Sol. Gen., B. Lawrence Theis, First Asst. Atty. Gen., Denver, for the State of Colo. as amicus curiae.

LOHR, Justice.

The plaintiffs were awarded judgment against Merchants Mortgage & Trust Corporation on a jury verdict in Arapahoe County District Court. The judgment cancelled their obligations on promissory notes given in partial payment for lots in the Stagecoach land development project near Steamboat Springs and awarded them damages in the respective principal amounts each had paid on the notes. The Colorado Court of Appeals reversed, holding that the evidence...

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