MULLINS v. HORNE

No. 1 CA-CIV 3597.

120 Ariz. 587 (1978)

587 P.2d 773

A.L. MULLINS, Jr., Receiver for Sovereign Industries, Inc., a Colorado Corporation, Appellant, v. M. Seth HORNE, Appellee.

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

Rehearing Denied November 17, 1978.

Review Denied December 5, 1978.


Attorney(s) appearing for the Case

Hill & Savoy by George M. Hill, Phoenix, and Iverson, Yoakum, Papiano & Hatch, by Neil Papiano and John A. Slezak, Los Angeles, Cal., for appellant Sovereign Industries, Inc.

Lewis & Roca by John P. Frank, Gerald K. Smith and Susan M. Freeman, Phoenix, for appellant receiver.

Kelly & Kelly, P.C. by Hubert E. Kelly and Michael E. Kelly, Phoenix, for appellee.


OPINION

HAIRE, Presiding Judge.

The ultimate issue raised on this appeal is whether the trial judge erred in refusing to set aside a sale of corporate stock which had been pledged as security for the payment of a promissory note. The debtor contended that the sale was not commercially reasonable nor conducted by the seller in good faith as required by the applicable provisions of the Uniform Commercial Code as adopted in Arizona.1

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