That pesky excess sale proceeds statute, A.R.S. § 33-727, is making waves again. We previously blogged about this statute... In the prior post, we explained that excess sale proceeds (i.e., a foreclosure sale price greater...more
Although legal in many states, marijuana remains illegal under federal criminal law. See 21 U.S.C. § 856(a)(1). One would think that engaging in illegal activity under federal criminal law would preclude relief under federal...more
5/21/2019
/ Appeals ,
Bad Faith ,
Bankruptcy Code ,
Bankruptcy Court ,
Bankruptcy Plans ,
Chapter 11 ,
Commercial Leases ,
Commercial Property Owners ,
Creditors ,
Debtors ,
Federal Crimes ,
Landlords ,
Marijuana ,
Marijuana Related Businesses ,
Mismanagement ,
Motion to Dismiss ,
Reorganizations
The Arizona Court of Appeals recently held that any successful plaintiff in a forcible detainer action (i.e., an eviction action) may recover an award of its attorneys’ fees and costs incurred at trial under A.R.S. §...more
When a foreclosure sale generates more money than needed to pay off the lien, the excess proceeds usually go first to creditors in the order of their priority, and second to the owner after creditors are paid in full. So, in...more
7/16/2018
/ Anti-Deficiency Provisions ,
Appeals ,
Banking Sector ,
Borrowers ,
Creditors ,
Deed of Trust ,
Dismissal With Prejudice ,
Foreclosure ,
Homeowners ,
Homeowners Association (HOA) ,
Mortgage Lenders ,
Mortgages ,
Property Liens ,
Real Estate Transactions ,
Sheriffs Sale
Lenders routinely accelerate notes after a default occurs, calling the entire loan due immediately. Less regularly, a lender may change its mind and unilaterally revoke the acceleration. Rarely, however, does a lender fail to...more
7/3/2018
/ Acceleration ,
Affirmative Action ,
Appeals ,
Creditors ,
Debtors ,
Deed of Trust ,
Foreclosure ,
Homeowners Association (HOA) ,
Liens ,
Loans ,
Mortgage Lenders ,
Notice of Default ,
Promissory Notes ,
Property Owners ,
Reversal ,
Revocation ,
Sheriffs Sale ,
Standing ,
Statute of Limitations ,
Trustee Sales
Arizona’s trustee’s sale statutory scheme provides for the waiver of all defenses and objections to a trustee’s sale that: (i) are not raised prior to the sale, and (ii) do not result in an injunction against the sale going...more
2/26/2018
/ Action to Quiet Title ,
Appeals ,
AZ Supreme Court ,
Borrowers ,
Damages ,
Deed of Trust ,
Injunctions ,
Lenders ,
Loans ,
Motion to Dismiss ,
Promissory Notes ,
Signatures ,
Trustee Sales ,
Trustees ,
Waivers ,
Wrongful Foreclosures
Pitting a receivership court’s inherent equitable powers against pre-existing property rights can lead to some pretty interesting questions. In SEC v. Wells Fargo Bank, N.A., 848 F.3d 1339, 1343-44 (11th Cir. 2017), the...more
9/25/2017
/ Appeals ,
Creditors ,
Equitable Relief ,
Late Claims ,
Lienholders ,
Perfected Security Interest ,
Proof of Claims ,
Receivership ,
Reversal ,
Secured Debt ,
Securities and Exchange Commission (SEC) ,
Wells Fargo
What law governs a deficiency action if the choice-of-law provisions in the note and deed of trust conflict? The Arizona Court of Appeals answered that very question in ZB, N.A. v. Hoeller, No. 1 CA-CV 16-0071 (Ct. App. April...more
5/3/2017
/ Appeals ,
Banks ,
Choice-of-Law ,
Commercial Mortgages ,
Conflicts of Laws ,
Deed of Trust ,
Deficiency Judgments ,
Foreclosure ,
Lenders ,
Promissory Notes ,
Reversal ,
Statute of Limitations ,
Time-Barred Claims ,
Trustee Sales
Ever wonder what happens if a person challenges the timeliness of a trustee’s sale after the sale already occurred? Waiver of the argument of course! And, in the case of Wells Fargo Bank, N.A. v. Waltner, the affirmance of...more
In the world of real property taxes, Valuation + Classification = Assessed Valuation. Sounds simple, right? The County Assessor determines the first factor, valuation (subject to certain guidelines under applicable Arizona...more
This is precisely the question that the Ninth Circuit recently certified to the Washington Supreme Court in Centurion Properties III, LLC v. Chicago Title Ins. Co.
Facts of the Case -
In this case, Centurion...more
8/19/2015
/ Appeals ,
Commercial Bankruptcy ,
Default ,
Duty of Care ,
Escrow Holders ,
Escrow Instructions ,
Junior Liens ,
Mortgages ,
Negligence ,
Recording Acts ,
Senior Lenders ,
Summary Judgment ,
Title Insurance ,
WA Supreme Court
On March 31, 2015, the Arizona Court of Appeals held in AEA Federal Credit Union v. Yuma Funding, Inc., that it lacked jurisdiction to hear an appeal from an order declining to set aside an order appointing or releasing a...more
Introduction -
As everyone knows, the enactment of the Statute of Westminster II in 1285 ushered the concept of a “judgment lien” into English law. The statute – for the first time in English legal history –...more
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 ,
Trustee Sales ,
Trustees
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 ,
Limited Liability Company (LLC) ,
Negligent Misrepresentation ,
Non-Parties ,
Partnerships ,
Receivership ,
Revised Uniform Arbitration Act ,
Unjust Enrichment