Provost

— In this action we determine that the holders of a deed of trust, recorded in December of 1977, have a right to exercise the private power of sale granted in the deed of trust even though the statute of limitations has expired on the secured debt, since the date for payment of the debt does not appear in the public records.

Factual and Procedural Background

On December 16, 1977, plaintiffs’ parents, Harry and Jean Miller, sold a parcel of industrial real property (the collateral property) to defendants Edward L. Provost and Albert Grim. In connection with this transaction, Jean Miller’s parents, Neis and Sylvia Gustafson, loaned defendants $48,594.46.

On the same date, defendants executed a promissory note in favor of the Gustafsons. The note evidences defendants’ obligation to repay the loan, plus interest accruing at 10 percent per year, on or before February 20,1978. The note was secured by the collateral property. As part of the transaction, defendants executed a deed of trust dated December 16, 1977, and recorded December 20, 1977, by the terms of which they conveyed to First American Title Insurance Company, as trustee, an interest in the collateral property.…