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HIGGINS v. ARIZONA SAVINGS AND LOAN ASSOCIATION

No. 6965.

90 Ariz. 55 (1961)

365 P.2d 476

Fred HIGGINS and Helen Higgins, his wife, Appellants, v. ARIZONA SAVINGS AND LOAN ASSOCIATION, an Arizona Corporation, in Receivership, by and through D.O. Saunders, as Superintendent of Banks of the State of Arizona, and Ex-Officio Receiver; Ray B. Lucas and Albert B. Colby, Special Deputies Superintendent of Banks of the State of Arizona, and Co-Receivers of the Arizona Savings and Loan Association, Appellee.

Supreme Court of Arizona, En Banc.

October 11, 1961.

Attorney(s) appearing for the Case

Kenneth Biaett and Dallas P. Richeson, Phoenix, for appellants.

Darrell R. Parker, David J. Perry, C.A. Muecke and Edwin Thurston, Phoenix, for appellee.

UDALL, Justice.

Appellants, Fred and Helen Higgins, applied in writing on March 11, 1955, to appellee, Arizona Savings and Loan Association (hereinafter referred to as the Association), for a loan of $94,800. The purpose of the loan was to refinance certain property then subject to two first mortgages, one second mortgage and a federal tax lien. The amount was sixty percent of the property's appraised value of $158,200 as...

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