WEAVER v. TRI CITY CREDIT BUREAU

No. 1 CA-CIV 2912.

27 Ariz. App. 640 (1976)

557 P.2d 1072

J.L. WEAVER and Doris E. Weaver, his wife, Appellants, v. TRI CITY CREDIT BUREAU, a defunct Arizona Corporation, Lawrence H. Martin and Eleanor M. Martin, as officers of Tri City Credit Bureau and Individually, Transamerica Title Corp., successor to Phoenix Title and Trust Company, Trustee, Arcoa International, Inc., an Oregon Corporation, formerly known as Arcoa, Inc., Stanley Szymanski and Emillie Szymanski, his wife, S.A. Dombrowski and C.D. Dombrowski, his wife, Littleland Day Care Schools of America, an Arizona Corporation, City of Tempe, a Body Politic, State of Arizona, a Body Politic, John Does I through X and Jane Does I through X, White Corporations I through X, Black Corporations I through X, the unknown heirs of Stanley Szymanski and Emillie Szymanski, S.A. Dombrowski and C.D. Dombrowski, if they be Deceased, Appellees.

Court of Appeals of Arizona, Division 1, Department B.

Rehearing Denied November 16, 1976.

Review Denied December 14, 1976.


Attorney(s) appearing for the Case

Hocker & Gilcrease, Ltd., by R. Kelly Hocker, Tempe, for appellants.

Keane & Vermeire by Albert R. Vermeire and Fennemore, Craig, von Ammon & Udall by Philip A. Edlund, Phoenix, for appellees Szymanski and Dombrowski.

Fannin, Cruse & Frost by Robert J. Cruse, Phoenix, for appellee Advanced Management Engineering and Research.

Berry & Herrick, P.A., by Richard S. Berry, Tempe, for appellee Littleland Day Care School of America.


OPINION

JACOBSON, Judge.

We are asked to determine whether a "Real Estate Agreement", utilized by a lending institution in connection with a loan, may be enforced as either an express or equitable mortgage.

This issue arose out of an action instituted by appellants, J.L. Weaver and Doris E. Weaver (Weaver) against the appellees seeking to foreclose, as a realty mortgage, a "Real Property Agreement" and to quiet title. The trial court held, insofar...

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