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IN RE MORTGAGES LTD.

Bankruptcy No. 2:08-bk-07465. Adversary Nos. 2:08-ap-00780-RJH, 2:08-ap-00781-RJH.

405 B.R. 669 (2009)

In re MORTGAGES LTD., Debtor. National Retail Development Partners I, LLC, Plaintiff, v. Alan J. Maness, et al., Defendants. PDG Los Arcos, LLC, an Arizona limited liability company, Plaintiff, v. Robert M. Adams, et al., Defendants.

United States Bankruptcy Court, D. Arizona.

May 19, 2009.

Attorney(s) appearing for the Case

Michael C. Blair, Esq., Baird, Williams & Greer, for Plaintiff.

Robert J. Odson, Esq., Jennifer Nassiri, Esq., DLP Piper LLP (US), Daxton R. Watson, Esq., Mack Brucker & Watson PLLC, for Defendants.

Keith L. Hendricks, Esq., Fennemore Craig PC, for Official Committee of Investors.

OPINION AND ORDER GRANTING MOTION TO DISMISS

RANDOLPH J. HAINES, Bankruptcy Judge.

The issue here is whether, under Arizona law, a bare assignment of a contract implies an assumption of duties. The Court concludes that it does not, at least in the circumstance where the assignment is for purposes of financing, and therefore grants the defendants' motion to dismiss.

Factual and Procedural Background

Mortgages Ltd. was in the business of...

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