In re Bisbee v. Security National Bank
Arizona Supreme Court
754 P.2d 1135, 157 Ariz. 31 (1988)
- Written by Whitney Kamerzel , JD
Facts
Charles Bisbee (plaintiff) executed and recorded two deeds of trust to secure debts of $600,000 and $218,000. Bisbee identified 100 acres of property as the security for the loans and named Security National Bank (the Bank) (defendant) as the beneficiary, but Bisbee failed to designate a trustee in the deeds of trust. When Bisbee voluntarily filed for bankruptcy, the 100 acres were sold for $2,250,000. With $834,076.23 of the sale’s proceeds still in escrow, Bisbee filed an adversary complaint against the Bank. The complaint sought to invalidate the Bank’s security interest in the sale proceeds because the Bank’s deeds of trust did not designate a trustee. The Bank’s successor, the Federal Deposit Insurance Corporation (FDIC), moved for summary judgment, arguing the deeds of trust were valid. The bankruptcy court reserved ruling and certified the issue to the Arizona Supreme Court.
Rule of Law
Issue
Holding and Reasoning (Moeller, J.)
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