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Welcome to the Snell & Wilmer real estate litigation blog. Check back here often for useful news and information about current topics involving real estate litigation. We hope that you will find the blog both timely and helpful, and we invite you to join the discussion by posting comments about the articles and contacting the authors with your thoughts about the posts.
Real Estate Litigation Group Members and Blog Contributors
- Nevada Supreme Court Clarifies Mechanic and Materialman Lien Issues
- A Subsequent Developer has no Ability to Force a Public Body to Call an Abandoning Developer’s Performance Bonds for Infrastructure Improvements.
- Colorado Supreme Court Revisits Rule Against Perpetuities
- Full Credit Bid Rule Bars Recovery for Wrongfully Enjoined Lender
- Guarantors Remain Liable for “Carve-out” Obligations, Despite Non-recourse Loan
- Anti-deficiency Statute
- Commercial Real Estate Industry
- Construction and Development
- Guaranty Contracts
- Real Estate and Bankruptcy
- Real Estate Appraiser Litigation
- Real Estate Broker Litigation
- Real Estate Purchase/Sale Transaction Litigation
- Real Estate Receivers
- Statutes Affecting Real Estate
- Title Insurance
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 May 21, 2013 unpublished), the Arizona Court of Appeals held that Arizona’s anti-deficiency statute, A.R.S. § 33-814, did not prevent Wells Fargo from suing on its note after a senior lender foreclosed on the borrowers’ multi-million dollar home.
In 2007, Wells Fargo agreed to lend the Brewers up to $1,000,000 and secured the loan with a second position deed of trust recorded against the Brewers’ home. Before Wells Fargo obtained its lien, however, a senior lien from a different lender had been recorded against the same property. Wells Fargo’s loan documents did not restrict the Brewers from using the funds in any particular manner. In fact, the record revealed that the home was complete and that it neither required repairs nor maintenance at the time Wells Fargo made its loan.… Read More »
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