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SEC. PACIFIC BANK v. CORY INVESTMENTS

No. 1 CA-CV 92-0253.

180 Ariz. 507 (1994)

885 P.2d 195

SECURITY PACIFIC BANK ARIZONA, an Arizona corporation, formerly known as the Arizona Bank, Plaintiff-Appellant, v. CORY INVESTMENTS, INC., dba Cars 4 U, an Arizona corporation; Robert D. Dierken and Susan M. Dierken, husband and wife; American Bonding Company, a Nebraska corporation, Defendants-Appellees.

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

November 29, 1994.

Attorney(s) appearing for the Case

Dioguardi, Poli & Ball, Ltd. by Michael N. Poli, David P. Matheson, Phoenix, for plaintiff-appellant.

Robbins & Green, P.A. by Joe M. Romley, Phoenix, for defendant-appellee American Bonding Co.

OPINION

FIDEL, Presiding Judge.

This lawsuit by a lender against a motor vehicle dealer's bonding company poses the question whether a sale occurs within the meaning of Ariz. Rev. Stat. Ann. ("A.R.S.") § 28-1305 when a dealer transfers vehicular title to a lender to secure lease payments.

Here the dealer borrowed funds from the lender to finance its acquisition of a vehicle, leased the vehicle to a third party, assigned the lease payments to the...

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