Benjamin Reeves

Benjamin Reeves

Snell & Wilmer

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A Subsequent Developer has no Ability to Force a Public Body to Call an Abandoning Developer’s Performance Bonds for...

The Arizona Court of Appeals decided on July 22, 2014 that a developer cannot compel a public entity to call its performance bonds to complete infrastructure improvements on a construction project that a prior developer...more

8/20/2014 - Bonds Commercial Bankruptcy Infrastructure Performance Bonds Public Projects

Guarantors Remain Liable for “Carve-out” Obligations, Despite Non-recourse Loan

Believe it or not, guaranty contracts mean what they say. If a guarantor agrees to reimburse a lender for misappropriated security deposits, unpaid taxes, and the cost of enforcement, then – not surprisingly – courts will...more

8/1/2014 - Borrowers Carve Out Provisions Commercial Loans Commercial Property Owners Default Guarantors Non-Recourse Loan Real Estate Investments

Borrowers Can Avoid Liability Even After a Trustee’s Sale

Since a lender must have a valid debt and valid lien to conduct a trustee’s sale, a borrower that allows the foreclosure sale to occur impliedly agrees that the debt and lien are valid. In Madison v. Groseth and BT Capital,...more

5/29/2014 - Appeals Borrowers Breach of Contract Debt Default Deficiency Judgments Delinquent Borrowers Foreclosure Lenders Liens Mortgages Secured Lenders Trustee Sales Trustees

Unmitigated Waivers: Guarantors Remain Liable Despite 4-Year Delay in Foreclosure Sale

If a lender delays foreclosure allowing years of default interest to accrue such that a guarantor’s obligation increases from $6 million to $12 million, should the guarantor remain on the hook for the full $12 million? In...more

5/15/2014 - FDIC Foreclosure Guaranty Claims Lenders Loss Mitigation Mortgages Waivers

Amendments to Arizona’s Anti-deficiency Statute Exclude Homebuilders from Anti-Deficiency Protection

Last Tuesday, April 20, 2014, Arizona’s Governor, Jan Brewer, signed HB 2018 into law. This bill closes a long-standing loophole that allowed commercial homebuilders to take advantage of Arizona’s anti-deficiency statute,...more

4/29/2014 - Anti-Deficiency Provisions Construction Contracts Contractors National Association of Home Builders

A Section 363 Sale Does NOT Transfer Property Free and Clear of an Equitable Servitude

Sales in bankruptcy court under 11 U.S.C. § 363 (called “363 Sales”) are often used to sell property during a bankruptcy case. The 363 Sale process provides an efficient procedure to liquidate estate property and offers...more

4/2/2014 - 363 Sales Commercial Bankruptcy Foreclosure

Not All Property Acquired Post-Petition is Safe from Creditors

Although property obtained by a debtor after filing for bankruptcy is usually safe from creditors, a recent case from the Ninth Circuit Bankruptcy Appellate Panel allowed a Chapter 7 Trustee to sell real property obtained by...more

3/4/2014 - Chapter 7 Consumer Bankruptcy Debt Debtors

Mortgage Lenders Can’t Jump Ahead of Mechanic’s Liens

In Weitz Co., LLC v. Heth, 223 Ariz. 442, 314 P.3d 569 (Ct. App. Nov. 26 2013), the Arizona Court of Appeals held that the plain language of Arizona’s mechanic lien statute, A.R.S. § 33-992(A), does not allow a lender to jump...more

2/12/2014 - Equitable Subrogation Mechanics Lien Mortgages Subrogation

The EPA Approves New Environmental Due Diligence Standard

On December 30, 2013, the United States Environmental Protection Agency (EPA) issued its final rulemaking recognizing the newly amended ASTM standard practice for Phase 1 Environmental Site Assessments, E 1527-13 as...more

2/10/2014 - ASTM CERCLA Due Diligence Environmental Assessments Environmental Policies EPA

California Amends its Anti-Deficiency Statute

As of January 1, 2014, California amended its anti-deficiency statute to stop mortgage lenders from “collecting” from homeowners on post-foreclosure debts. Although the amendments were designed to tackle a purely...more

2/4/2014 - Anti-Deficiency Provisions Debt Foreclosure Mortgages

Guarantors Beware! A.R.S. § 33-814 May Not Save You from a Deficiency Judgment

In First Credit Union v. Courtney, 309 P.3d 929, 669 Ariz. Adv. Rep. 18 (Ct. App. 2013), the Arizona Court of Appeals rejected three creative arguments that A.R.S. § 33-814 protected the guarantors from paying on their...more

11/18/2013 - Collateral Deficiency Judgments Guarantors

The Uniform Law Commission Makes Progress Drafting a Model Act on the Appointment and Powers of Real Estate Receivers

If all goes as planned, the Uniform Law Commission will finalize and promulgate a model act dealing with the appointment and powers of commercial real estate receivers at some point in 2015. Last month, the Drafting...more

11/1/2013 - Commercial Real Estate Market Receivership

Can You Waive the Right to a “Fair Market Value” Hearing?

We finally have an answer to the question of whether parties can contractually waive the right to a “fair market value” hearing under Arizona law – and the answer, according to the Court of Appeals – is “no.” ...more

9/16/2013 - Fair Market Value Statutory Interpretation Waivers

A Non-Purchase Money Second Deed of Trust is Not Protected by Arizona’s Anti-deficiency Statute

Arizona anti-deficiency laws do not prohibit a non-purchase money lender from suing on its note after foreclosure by a senior lender. In Wells Fargo Bank, N.A. v. Brewer, No. 1CA-CV 12-0383 (Ariz. Ct. App. May 21, 2013...more

9/5/2013 - Anti-Deficiency Provisions Deed of Trust Foreclosure Loans Mortgages Purchase Money Loans Wells Fargo

A Lender Holding Two Liens Can Foreclose on the Senior Lien and Sue on the Junior Lien

In Wells Fargo Bank, N.A. v. Riggio, No. 1CA-CV-12-0430 (Ariz. Ct. App. June 4, 2013), the Arizona Court of Appeals held: (i) that the “merger of rights” doctrine does not “merge” a lender’s first and second lien into a...more

8/19/2013 - Anti-Deficiency Provisions Banks Foreclosure Liens Senior Lenders

Arizona’s Anti-deficiency Statute, A.R.S. 33-814(G), Cannot be Prospectively Waived Says the Court of Appeals

In Parkway Bank & Trust Co. v. Zivkovic, 662 Ariz. Adv. Rep. 26 (Ct. App. 2013), the Arizona Court of Appeals held that provisions in loan documents purporting to waive the applicability of A.R.S. § 33-814(G) violate Arizona...more

7/15/2013 - Anti-Deficiency Act Anti-Deficiency Provisions Borrowers Foreclosure Lenders Mortgages

A Person Owning a Fractional Interest in a Vacation Home is Protected by Arizona’s Anti-deficiency Statute

In Independent Mortgage v. Alaburda, the Arizona Court of Appeals held that Arizona’s anti-deficiency statute, A.R.S. § 33-814(G), precluded a lender from suing its borrowers for a deficiency after foreclosing on the...more

6/27/2013 - Anti-Deficiency Provisions Borrowers Foreclosure Lenders Vacation Homes

The Expansive Breadth and Scope of Arizona’s New Revised Uniform Arbitration Act

Recently, the Arizona Court of Appeals determined that under the 2010 Arizona Revised Uniform Arbitration Act, A.R.S. §12-3001, et seq. (the AZ-RUAA), a contractual agreement to arbitrate extends to: (i) arbitration of claims...more

1/18/2013 - Appeals Arbitration Agreements Arbitrators Breach of Contract Construction Contracts Dissolution Fiduciary Duty Fraud LLC Negligent Misrepresentation Non-Parties Partnerships Receivership Revised Uniform Arbitration Act Unjust Enrichment

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