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Arizona Deficiency Litigation Case Update: CSA 13-101 Loop, LLC v. Loop 101, LLC

The Arizona Supreme Court issued an opinion clarifying Arizona Law addressing the waiver of statutory protections in loan documents.  The case specifically addresses when parties can waive their rights to a fair market value determination under A.R.S. § 33-814 following the trustee’s sale of real property.  A.R.S. § 33-814(A) entitles judgment debtors, including Guarantors, to have the [...]

By | January 13th, 2015|Uncategorized|0 Comments

Electronic Signatures – The Arizona Electronic Transactions Act

In this digital world electronic signatures are going to be the norm, rather than the exception. Even prior to implementation of the Arizona Electronic Transactions Act there have been cases addressing non-traditional “inked” signatures. Those cases involved a name that was typed on paper and intended by the person to be their signature. The Act [...]

By | January 2nd, 2015|Uncategorized|0 Comments

Trustee’s Sales Are Not a Determination of Breach

The mere occurrence of a trustee sale, predicated on an allegation of a breach, does not constitute a judicial determination that the borrower has breached the note. Morgan AZ Financial, LLC v. William Gotses, 235 Ariz. 21 (App. 2014) This case dealt with promissory notes secured by deeds of trust on undeveloped real property in [...]

By | December 19th, 2014|Uncategorized|0 Comments

Arizona Judgment Domestication: Collecting Community Property

In a previous post we discussed collecting from both spouses when one spouse incurs a debt in Arizona. What happens when a judgment creditor obtains a foreign judgment, and wants to collect the judgment in Arizona? First, the judgment must be domesticated in Arizona. If the judgment was obtained against a married person in a [...]

By | November 14th, 2014|Uncategorized|0 Comments

Timeline for Trustee’s Sales in Arizona

The non-judicial foreclosure process in Arizona is known as a Trustee’s Sale. The requirements to complete a valid trustee’s sale fully set forth in statute. For those professionals that are statutorily identified as being qualified to act in a trustee capacity, the process is a “paint by numbers” procedure. A Trustee’s Sale is, by statutory [...]

By | November 7th, 2014|Creditor's Rights|0 Comments

Notice Under the Uniform Enforcement of Foreign Judgments Act

What is notice? When it comes to domesticating foreign judgments in Arizona, "notice" is governed by the Uniform Enforcement of Foreign Judgments Act (the “Act”). The Act simply requires that notice of the lodging of a foreign judgment must be sent to the judgment debtor's last known post office address. A.R.S. § 12-1703(A) and (B). [...]

By | October 31st, 2014|Uncategorized|0 Comments

Domesticating a Foreign Judgment Based on a Guaranty

When a judgment creditor obtains a judgment in another state against a married person, the judgment can be domesticated in Arizona, and if executed correctly, the domesticated judgment can enforced in Arizona against both spouses. One of the issues that can arise in Arizona judgment domestications occurs when the judgment was based on a guaranty [...]

By | October 24th, 2014|Uncategorized|0 Comments

Arizona: Separate and Community Property; Separate and Community Liability

In Arizona, when an individual signs a contract, that person becomes personally liable to perform the obligations created by the contract. There are many different types of contracts, for example, retail installment contracts, personal guarantees, leases, or credit agreements, just to name a few. A breach of the contract may in all likelihood result in [...]

By | October 17th, 2014|Uncategorized|0 Comments

Fraudulent Transfers: Looking Back Before the Debt

In an earlier post, Fraudulent Transfers and Creditors’ Rights to Collect, we discussed collection against an insolvent debtor. But what about a savvy future debtor who takes action to make sure a future debt cannot be collected? If an Arizona creditor is already owed money, it is not necessary to show fraudulent intent to prove [...]

By | October 10th, 2014|Creditor's Rights|0 Comments

529 College Savings Accounts: Who Owns the Money?

"But it's my kids' money!"  This refrain may be common, but it's not necessarily accurate when it comes to a debtor talking about money in a 529 College Savings Account.  When the accounts are held "FBO" a child, courts are likely to find that money belongs to the debtor, not the child. For example, in [...]

By | October 3rd, 2014|Uncategorized|0 Comments