Arizona Law Regarding Business Disputes
The F-Word
Posted on February 17, 2009 in Arizona Law Regarding Business and Real EstateNo one wants to even think about the F-word — “Foreclosure.” It is so sad to see so many good folks losing their homes in foreclosure. It is also good to see some banks playing “fair” and trying to work with defaulted borrowers. Yet note something curious in Arizona law. Normally after a default and foreclosure, all the bank can do is get your house and sell it in the open market. If it does not fetch a higher price than the loan, it is not your problem, other than botched credit. They cannot sue you for the difference (deficiency).
Arizona’s laws that prohibit deficiencies are found in Arizona Revised Statutes Sections 33-814.G and 33-729(A). These types of laws are also called “anti-deficiency legislation.”
A.R.S. § 33-729(A) states: “. . . if a mortgage is given to secure the payment of the balance of the purchase price, or to secure a loan to pay all or part of the purchase price, of a parcel of real property of two and one-half acres or less which is limited to and utilized for either a single one-family or single two-family dwelling, the lien of judgment in an action to foreclose such mortgage shall not extend to any other property of the judgment debtor, nor may general execution be issued against the judgment debtor to enforce such judgment, and if the proceeds of the mortgaged real property sold under special execution are insufficient to satisfy the judgment, the judgment may not otherwise be satisfied out of other property of the judgment debtor, notwithstanding any agreement to the contrary.
A.R.S. § 33-814(G) states: “If trust property of two and one-half acres or less which is limited to and utilized for either a single one-family or a single two-family dwelling is sold pursuant to the trustee’s power of sale, no action may be maintained to recover any difference between the amount obtained by sale and the amount of the indebtedness and any interest, costs and expenses.”
At the law firm of William A. Miller in Scottsdale, Arizona, we can help you sort through these laws to give you as much protection as possible. So give us a call at 480.948.3095 if you want to have us look over your case. LAW is not a four letter word.
Deep Pockets
Posted on February 4, 2009 in Arizona Law Regarding Business and Real EstateWhen I broke the NCFE (http://articles.latimes.com/2008/nov/01/business/fi-poulsen1) fraud back in 2002, the first thing I did was sue the third-party professionals, the lawyers, accountants and financial firms, who helped NCFE commit their crimes. My favorite law school professor Charles Ayers always said, “go for the deep pockets.” Well, it is now time for the Minnesota accounting firm of McGladrey & Pullen to give back some of the money they got for helping Bernie Madoff. The firm has just been sued in both Madoff’s and Tom Petters’ Ponzi schemes.
Last week, an investment fund that placed $280 million with Madoff sued in Connecticut state court saying its auditors — Goldstein Golub Kessler in 2006 and McGladrey & Pullen in 2007 — failed to detect the fraud. And, in October, the Ellerbrock Family Trust filed a similar suit in federal court in Minnesota saying that McGladrey & Pullen failed to conduct thorough audits or take other actions that would have uncovered alleged fraud by Petters’ companies.
There is Nothing New Under the Sun
Posted on January 1, 2009 in Arizona Law Regarding Business and Real EstateOK, it’s now 2009 and we are all looking for a fresh start. We settled three significant matters at the law firm of William A. Miller in Phoenix, Arizona, over the last 30 days. I like to say, “I am a patriot first and a conservative second” and this quote from Cicero in 55 BC is as timeless as the saying of the Bible.
“The budget should be balanced, the Treasury should be refilled, public debt should be reduced, the arrogance of officialdom should be tempered and controlled, and the assistance to foreign lands should be curtailed lest Rome become bankrupt. People must again learn to work, instead of living on public assistance.”
Sounds like there is nothing new under the sun. Good Luck to our President-Elect in 2009.
Old School vs. New School
Posted on December 30, 2008 in Arizona Law Regarding Business DisputesAt the law firm of William A. Miller in Scottsdale, Arizona, we use technology to its fullest. In one of my first trials, I had 10 yellow note pads, nothing else. That is old school. Now, high stakes litigation requires movie-like demonstrations. When movie producer, J. Katzenberg and Goodyear went to court last year in…
Read MoreA Fraud is a Fraud by any Other Name
Posted on December 15, 2008 in Arizona Law Regarding Business and Real EstateAn affinity fraud is one in which a member of a religious or ethnic group, works over members of that same group. It can be a church or high school booster club. At the Scottsdale, Arizona based real estate and litigation law firm of William A. Miller we have seen this happen over and over…
Read MoreLies, Damned Lies, and Statistics
Posted on December 12, 2008 in Arizona Law Regarding Business and Real EstateThe Valley’s median resale price for detached single-family homes fell by more than 7 percent from October to November, bringing the year-over-year median-price decline to about 35 percent, according to Arizona State University. November’s 3,370 resale transactions represent a 31 percent increase from the 2,580 transactions in November 2007. In addition, there were 3,095 foreclosures,…
Read MoreBrother Can You Spare a ‘Crime’?
Posted on in Arizona Law Regarding Business and Real EstateA judge denied bail on Thursday for a New York lawyer accused of selling sham investments to hedge funds. Hmmm… a shyster lawyer selling worthless real estate to a ‘hedge fund’. Can you say ironic? Things like this happen in Phoenix too and since the Charlie Keating days we have been involved in fighting a number of…
Read MoreNew Phoenix Case Filed, Arizona in Litigation Against Self
Posted on December 6, 2008 in Arizona Law Regarding Business and Real EstateDespite being a defendant in the case, state Treasurer Dean Martin is backing a new Arizona lawsuit challenging the state’s decision to raid nearly $30 million from local municipalities to help fix Arizona’s budget mess. This is in spite of already being challenged by my fellow farmers for ‘stealing’ some Arizona County farm set-asides. WOW!…
Read MoreAnother Arizona Meltdown
Posted on December 4, 2008 in Arizona Law Regarding Business and Real EstateThe meltdown of title-insurance company LandAmerica Financial Group Inc. has left scores of real-estate investors and entrepreneurs scrambling to recover money in what were supposed to be a short-term and no-risk arrangement. The investors, from Arizona retirees to a public company, had $400 million on deposit with the LandAmerica subsidiary to take advantage of a…
Read MoreA Real Arizona Trial Lawyer
Posted on in Arizona Law Regarding Business and Real EstateI have a buddy who is going through a huge legal battle. He is into the case for over $100,000.00 and there is not even a trial date. He is using one of the biggest law firms in Arizona. So what is the problem? The two lawyers who are billing him for every thought they…
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