By Cy Ryan (contact)
Monday, March 5, 2012 | 5:42 p.m.
CARSON CITY The Nevada Supreme Court has rejected a petition by Bank of America that it be allowed to foreclose on an office building in Las Vegas that reportedly has defaulted on a $12.2 million loan.
The bank says it loaned the money for construction of the building at Town Center Drive and the Las Vegas Beltway in August 2005, and the loan has been modified five times and the due date extended twice.
Bank of America said the office complex failed to come through in September 2011 with the full repayment plus interest as agreed to.
It sought a receiver to collect rent and planned to sell the property in February.
District Judge Elizabeth Goff Gonzalez, however, granted a temporary restraining order halting a foreclosure until the court has more hearings.
Bank of America, through its lawyers, asked the Supreme Court for writ of prohibition to overturn Gonzalez ruling.
The Supreme Court said Gonzales has not exceeded her authority in issuing the temporary restraining order.
See the article here:
Court denies petition seeking foreclosure on office building
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