Opinion ID: 2612211
Heading Depth: 3
Heading Rank: 2

Heading: One vs. Two Loans.

Text: Appellant next contends that the transaction with First Federal involved two separate loans: a construction loan from March 1973 to December 1973; and a take-out loan commencing January 1974 and running for a period of twenty years. According to appellant, the Building Loan Agreement established a separate construction agreement, while the Promissory Note and Deed of Trust created a permanent financing agreement for a period of 240 months. If the construction loan is viewed separately from the take-out loan, appellant asserts that the construction loan would be usurious. The lower court, however, determined that only one loan was contemplated by the loan agreements. We agree. The general presumption is that where two or more written instruments are executed contemporaneously the documents evidence but a single contract if they relate to the same subject matter and one of the two refers to the other. McClean v. Hillman, 352 S.W.2d 310, 313 (Tex.Civ.App. 1962). Cf. Haspray v. Pasarelli, 79 Nev. 203, 380 P.2d 919 (1963) (separate memorandum part of contract for purposes of statute of frauds); Bowker v. Goodwin, 7 Nev. 135 (1871) (separate agreement part of promissory note for purposes of revenue stamp requirement). In the present case, the loan documents constitute the only evidence offered in support of or in opposition to the motion for summary judgment which is relevant to the issue of the number of loans. No evidence was presented by affidavit, or otherwise, that the parties intended those documents to create two separate loans. The documents are unambiguous with respect to this issue. Cf. Mullis v. Nevada National Bank, 98 Nev. 510, 654 P.2d 533 (1982) (ambiguous contracts can create triable issue of fact). All the relevant documents were executed by the same parties on March 7, 1973. All of those documents address the same subject matter  a $1,500,000 loan between appellant and respondent First Federal. The Building Loan Agreement states that deposit of the loan proceeds in the LIP account shall conclusively be deemed a full and complete consideration for [the promissory] note and Deed of Trust... . Because no genuine issue of material fact existed, the trial court did not err in finding, as a matter of law, that only one loan was contemplated by the loan agreements. See generally McPherron v. McAuliffe, 97 Nev. 78, 624 P.2d 21 (1982).