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MONTHOFER INVESTMENTS LTD. v. ALLEN

No. 1 CA-CV 93-0366.

943 P.2d 782 (1997)

189 Ariz. 422

MONTHOFER INVESTMENTS LIMITED PARTNERSHIP, an Arizona limited partnership; The E.M.W. Family Trust; Wolfgang Monthofer and Nancy J. Monthofer, husband and wife, Third-Party Plaintiffs/ Appellants, v. Mark R. ALLEN and Jane Doe Allen, husband and wife; Mark R. Allen, P.C., an Arizona professional corporation, Third-Party Defendants/ Appellees.

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

Review Denied September 16, 1997.

Reconsideration Denied November 14, 1997.

Attorney(s) appearing for the Case

Hebert, Schenk, Johnsen & Dake, P.C. by Joseph A. Schenk, Phoenix, for Third-Party Plaintiffs/Appellants.

Turley & Swan, P.C. by Elizabeth Savoini Fitch and Christopher J. Bork, Phoenix, for Third-Party Defendants/Appellees.

Beus, Gilbert & Morrill, P.L.L.C. by Martin A. Aronson and Joseph M. Leal, III, Phoenix, for Amicus Curiae Standard Chartered P.L.C.

Snell & Wilmer by John J. Bouma, Daniel J. McAuliffe and Martha E. Gibbs, Phoenix, for Amicus Curiae Fennemore Craig, P.C.

OPINION

FIDEL, Judge.

In 1987, Wolfgang and Nancy Monthofer were co-trustees of the E.M.W. Family Trust, an entity which served as the sole general partner of another entity known as Monthofer Investments Limited Partnership ("MILP"). Mark Allen was the Monthofers' attorney.

In August 1987, as part of a complex real estate transaction, Allen arranged for MILP to assume liability on a full-recourse promissory note ("the Note") held by Goodbuck Investors...

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