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Trustee Sales

Seyfarth Shaw LLP

Budding Woes: Navigating the Weedy Waters of Cannabis Companies in Financial Distress

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As the cannabis industry matures, there will be winners and losers. Losers lack access to the U.S. Bankruptcy Code. Marijuana related assets cannot be sold free and clear of liens and encumbrances via the tried and true...more

Jaburg Wilk

Speak Up Now or It's Too Late

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Everybody is familiar with the part of a wedding where the audience is given an opportunity by the person officiating to express why the couple about to be married should not proceed with the ceremony, telling all present to...more

Snell & Wilmer

California Legislature Creates “Redemption Right” for Trustee Sales of Residential Properties

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On September 28, 2020, Governor Newsom signed into law SB 1079 (the “Bill”), granting a right of redemption or first refusal to purchase a foreclosed residential property to tenants, buyers intending to use the property as...more

Patton Sullivan Brodehl LLP

A Notice of Trustee’s Sale Does Not Necessarily “Disturb Possession”

Flashback: Five years ago, Money and Dirt covered the Salazar v. Thomas opinion from California’s Fifth District Court of Appeal holding that a Notice of Default does not “disturb possession” sufficiently to start the...more

Patton Sullivan Brodehl LLP

Rescinding a Trustee’s Sale Based on Lien Position “Mistake” — Good Luck With That

The statutory scheme governing nonjudicial foreclosure — found in California Civil Code sections 2924 through 2924k — aims for speed, efficiency, and finality. For example, a bid at a trustee’s sale is deemed to be an...more

Patton Sullivan Brodehl LLP

When the Same Lender Has Both a Senior and Junior Deed of Trust (Revisited)

Almost two years ago, Money and Dirt covered a Fourth District California Court of Appeal opinion addressing an apparent split of authority regarding how a lender can enforce senior and junior deeds of trust on the same...more

Patton Sullivan Brodehl LLP

Eviction After Foreclosure: California Supreme Court Weighs In

This week, the California Supreme Court issued its opinion in Dr. Leevil, LLC v. Westlake Health Care Center.  The case reviewed the decision of the California Court of Appeal from March 2017...more

Snell & Wilmer

Attorneys’ Fees Are Available in Arizona Eviction Actions

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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

Snell & Wilmer

Not so Fast! How Does Revoking Acceleration of a Note Impact the Statute of Limitations?

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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

Snell & Wilmer

What Types of “Damages Claims” Survive a Trustee’s Sale?

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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

Snell & Wilmer

Conflicts of Laws, Deficiency Actions, and Statutes of Limitations – Oh My!

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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

Snell & Wilmer

What is the Effect of an Untimely Challenge to the Timeliness of a Trustee’s Sale?

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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

Snell & Wilmer

Arizona Supreme Court Holds a Credit Bid at a Trustee’s Sale Should Not be Credited to a Title Insurer Under a Standard Lender’s...

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The Arizona Supreme Court recently addressed what impact, if any, a lender’s credit bid at an Arizona trustee’s sale has on an insurer’s liability under Sections 2, 7 and 9 of the standard’s lender’s title policy (“Policy”),...more

Snell & Wilmer

Equitable Subrogation Part Deux: Mechanic’s Lien vs. Later Bank Deed of Trust

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This post follows, almost two years to the day, Rick Erickson’s post of August 29, 2014. As noted by Rick Erickson in his August 29, 2014 post, the Arizona Supreme Court in the Weitz case (2014) had determined that equitable...more

Clark Hill PLC

Recent Arizona Case Law and Legislative Developments Affecting Real Estate Lending

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The following information accompany a presentation Mike gave to members of the Arizona Commercial Mortgage Lenders Association (ACMLA) on March 8, 2016. A summary of legislative amendments enacted during the most recent...more

Stoel Rives LLP

Yvanova v. New Century Mortgage Corp.: Perceived Victories And Defeats On All Sides

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In the area of consumer lending litigation, plaintiffs’ and defense attorneys alike have waited with bated breath for the California Supreme Court to issue its decision in Yvanova v. New Century Mortgage Corp. The decision...more

Snell & Wilmer

Guarantors Can Waive Anti-Deficiency Protections

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In Arizona, guarantors can now be held liable for deficiencies even where borrowers avoid liability due to Arizona’s anti-deficiency statute. Arizona courts have been active in the last few years in addressing the law...more

Clark Hill PLC

2015 Update of Arizona's Anti-Deficiency Laws

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Deadline for seeking deficiency. Section 33-814(A) of the Arizona Revised Statutes allows a foreclosing creditor (the "beneficiary"), within 90 days after the date of a trustee's sale, to commence an action to recover a...more

Ballard Spahr LLP

No Need for Foreclosing Trustee To Record New Notice of Sale upon Third-Time Postponement, Nevada Supreme Court Holds

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The Nevada Supreme Court recently interpreted a statute that governs the manner in which a foreclosing trustee can postpone a trustee’s sale. At issue was whether a trustee must record a new notice of sale upon orally...more

Snell & Wilmer

Nevada Supreme Court Clarifies Notice Requirements For Trustee’s Sale

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In JED Property, LLC v. Coastline RE Holdings NV Corp., 131 Nev. Adv. Op. 11 (Mar. 5, 2015) the Nevada Supreme Court was presented with an appeal from an order granting summary judgment in favor of Coastline. Coastline held a...more

Sheppard Mullin Richter & Hampton LLP

No Change Of Position, No Estoppel

Under California Law, a party seeking to defeat the statute of frauds based on promissory estoppel must allege an actual change in position. In Jones v. Wachovia Bank, 230 Cal.App.4th 935 (2014), the California Court of...more

Snell & Wilmer

Update – Prospective Waivers of “Fair Market Value” Hearings are Definitely Void.

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In 2013, we blogged about the Arizona Court of Appeals’ determination that prospective contractual waivers of “fair market value” hearings are unenforceable as a matter of public policy. The link to our prior blog post is...more

Foley & Lardner LLP

After the Bank Forecloses, Must It Actually Sell Your House?

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The Wisconsin Supreme Court will answer this question in Bank of New York v. Carson, No. 2013AP544. It heard argument in this case last Tuesday. The case began more than 3 1/2 years ago when a widow—physically and...more

Snell & Wilmer

Full Credit Bid Rule Bars Recovery for Wrongfully Enjoined Lender

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On June 30, 2014, Judge James A. Teilborg, a Senior District Judge in Arizona, ruled that Tri City National Bank (“TCNB”) was not entitled to bond money posted by the plaintiffs after TCNB was wrongfully enjoined from...more

Snell & Wilmer

Borrowers Can Avoid Liability Even After a Trustee’s Sale

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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

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