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MARKHAM CONTRACTING CO., INC. v. F.D.I.C.

No. 1 CA-CV 14-0752.

379 P.3d 257 (2016)

MARKHAM CONTRACTING CO., INC., an Arizona corporation, Plaintiff/Appellant, v. FEDERAL DEPOSIT INSURANCE COMPANY, as receiver for First Arizona Savings and Loan Association, a federal savings bank; Primeaz/Libra, LLC, an Arizona limited liability company, Defendants/Appellees.

Court of Appeals of Arizona, Division 1.

FILED August 9, 2016.

Attorney(s) appearing for the Case

Osborn Maledon, P.A., Phoenix, By Thomas L. Hudson , Eric M. Fraser , Co-counsel for Plaintiff/Appellant.

Palecek & Palecek PLLC, Scottsdale, Karen A. Palecek , Co-counsel for Plaintiff/Appellant.

Gust Rosenfeld P.L.C., Phoenix, By Frank S. Tomkins , Scott A. Malm , Counsel for Defendant/Appellee Federal Deposit Insurance Company.

Hennelly & Grossfeld LLP, Scottsdale, By Richard Q. Nye , Benjamin J. Branson , Counsel for Defendant/Appellee PrimeAZ/Libra, LLC

Presiding Judge Peter B. Swann delivered the opinion of the court, in which Judge Lawrence F. Winthrop and Judge Donn Kessler joined.

OPINION

¶ 1 This is a foreclosure case. Markham Contracting Co. ("Markham") perfected a mechanic's lien on a property in second position to a first deed of trust. Lenders made a secured construction loan that was used, in part, to satisfy and release the first-position loan and deed of trust on the subject property....

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