Mid Kansas Federal Savings and Loan Ass'n of Wichita v. Dynamic Development Corp.
Arizona Supreme Court
167 Ariz. 122, 804 P.2d 1310 (1991)
Dynamic Development Corporation (Dynamic) (defendant) obtained a loan from Mid Kansas Federal Savings and Loan Association (Mid Kansas) (plaintiff) for the construction of ten spec houses. Subsequently, Dynamic obtained a second loan from Mid Kansas to complete the construction. Mid Kansas foreclosed on each loan, with four spec houses remaining unsold. At the time of foreclosure, there was approximately $425,000 outstanding on the first loan and approximately $102,000 outstanding on the second loan. Mid Kansas held a foreclosure sale on the second loan and purchased the four spec houses with a credit bid equaling the outstanding balance on the second loan. At the time of the sale, Dynamic had constructed the four houses but they were not yet occupied. After the foreclosure sale on the second loan, Mid Kansas chose not to hold a foreclosure sale on the first loan but rather brought suit to waive the security of the first loan and obtain the balance due under that loan. The market value of the four houses was approximately $556,000. The trial court granted Mid Kansas summary judgment. The court of appeals reversed, finding that Arizona’s anti-deficiency statute barred Mid Kansas’s action. Mid Kansas appealed.
Rule of Law
Holding and Reasoning (Feldman, J.)
Concurrence/Dissent (Cameron, J.)
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