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AMFAC MTG. CORP. v. ARIZONA MALL OF TEMPE

No. 76-1495.

583 F.2d 426 (1978)

AMFAC MORTGAGE CORPORATION, an Oregon Corporation, Plaintiff-Appellant, v. ARIZONA MALL OF TEMPE, INC., a Minnesota Corporation, Watson, Frederick O., and Watson, Jane Doe, his wife, Ericson, Orrin A., and Ericson, Galoris A., his wife, Watson Construction Company, a Minnesota Corporation, Commercial Union Insurance Company, a Massachusetts Corporation, the Ericson Development Co., a Minnesota Corporation, Defendants-Appellees.

United States Court of Appeals, Ninth Circuit.

October 3, 1978.

Attorney(s) appearing for the Case

William S. Hawgood, II (argued), Phoenix, Ariz., for plaintiff-appellant.

Joseph E. McGarry, Phoenix, Ariz., P. Michael Whipple (argued), Phoenix, Ariz., Frederick J. Martone (argued), of Jennings, Strouss & Salmon, Phoenix, Ariz., David L. White (argued), Phoenix, Ariz., for defendants-appellees.

Before WALLACE and ANDERSON, Circuit Judges, and WILLIAMS, District Judge.

J. BLAINE ANDERSON, Circuit Judge:

This is yet another attempt to convert the securities laws into something which they are not. The securities laws do not afford general relief when commercial loans turn out to have been unwisely made, nor are they a source of general federal jurisdiction. See Great Western Bank & Trust v. Kotz, 532 F.2d 1252, 1253 (9th Cir.1976). Arizona Mall of Tempe, Inc. (Arizona Mall) defaulted on...

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