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CSA 13-101 LOOP, LLC v. LOOP 101, LLC

No. CV-14-0029-PR.

341 P.3d 452 (2014)

CSA 13-101 LOOP, LLC, an Oklahoma Limited Liability Company, Plaintiff/Appellant, v. LOOP 101, LLC, an Arizona Limited Liability Company; Paul S. Anton and Valerie J. Christie, Husband and Wife; Oscar E. Swanky and Helen L. Swanky, as Co-Trustees of the Oscar E. Swanky and Helen L. Swanky Revocable Family Trust, Created July 19, 1997, as Amended, Defendants/Appellees.

Supreme Court of Arizona.

December 31, 2014.

Attorney(s) appearing for the Case

Sean K. McElenney (argued), J. Alex Grimsley , Gregory B. Iannelli , Bryan Cave LLP, Phoenix, for CSA 13-101 Loop, LLC.

Timothy Berg (argued), Carrie Pixler Ryerson , Kevin M. Green , Fennemore Craig, P.C., Phoenix, for Loop 101, LLC; Paul S. Anton and Valerie J. Christie; and Oscar E. Swanky and Helen L. Swanky, et al.

Scott B. Cohen , Bradley D. Pack , Engelman Berger, P.C., Phoenix, for Amicus Curiae Arizona Bankers Association.

Chief Justice BALES authored the opinion of the Court, in which Vice Chief Justice PELANDER and Justices BERCH, BRUTINEL, and TIMMER joined.

¶ 1 When a deed of trust secures a promissory note and the trust property is sold at a trustee's sale, A.R.S. § 33-814(A) entitles judgment debtors, including guarantors, to have the fair market value of the property credited against the amount owed on the note. We hold that parties may not prospectively...

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