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WELLS FARGO BANK v. ARIZONA LABORERS

No. CV-00-0062-PR.

38 P.3d 12 (2002)

201 Ariz. 474

WELLS FARGO BANK, a National Banking Association, Plaintiff-Counterdefendant-Appellee, v. ARIZONA LABORERS, TEAMSTERS AND CEMENT MASONS LOCAL NO. 395 PENSION TRUST FUND; Arizona Laborers, Teamsters and Cement Masons Local No. 395 Defined Contribution Pension Trust Fund; Arizona Operating Engineers Defined Benefit Pension Trust Fund; Arizona Operating Engineers Defined Contribution Pension Trust Fund; Arizona State Carpenters Pension Trust Fund; Arizona State Carpenters Defined Contribution Pension Trust Fund; McMorgan & Company, a California corporation, as Managing Agent of the Funds, Defendants-Counterclaimants-Appellants.

Supreme Court of Arizona, En Banc.

As Corrected April 9, 2002.

Attorney(s) appearing for the Case

Lewis and Roca LLP, by John P. Frank, Peter Baird, Randy Papetti, Barry Willits, Phoenix, Attorneys for Plaintiff-Counterdefendant-Appellee.

Morrison & Hecker L.L.P., by Michael C. Manning, James W. Howard, Monty L. Greek, Phoenix, Attorneys for Defendants-Counterclaimants-Appellants.

OPINION

JONES, Chief Justice.

I. Facts and Procedural History

¶ 1 This controversy arises under a triparty agreement between First Interstate Bank ("the Bank"),1 various union pension funds ("the Funds"), and Mercado Developers, a partnership headed by J. Fife Symington, III ("Symington"). In 1987, the Bank funded a $2.3 million loan to a separate Symington partnership for a strip mall development named Alta Mesa...

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