A. V. Wildwood Creek Ranch Llc Summary

analytical Essay
622 words
622 words

CASE NAME: BMO Harris Bank, N.A. v. Wildwood Creek Ranch, LLC A: COURT DECIDING THE CASE: Supreme Court of Arizona B: COURT APPEALED FROM: Arizona Court of Appeals C: WHO IS THE ORIGINAL PLAINTIFF: BMO Harris Bank WHO IS THE ORIGINAL DEFENDANT: Wildwood Creek Ranch, LLC D: Prior Proceedings: (What happened in the lower courts): BMO Harris Bank, hereby known as Mortgagee, sought action against Wildwood Creek Ranch, hereby known as Mortgagors and Guarantors subsequent to the foreclosure on an unimproved lot. Summary judgement was granted by the Superior Court in favor of the mortgagors and guarantor. Mortgagee appealed and the Arizona Court of Appeals reversed the summary judgment. E: Concise statement of the issue(s) being appealed: …show more content…

A deed of trust was used to secure the loan. The lot remained undeveloped and construction never commenced. The loan note was renewed in 2009 and later defaulted on in 2011. The lot was then foreclosed upon and sold through a trustee’s sale by BMO Harris Bank. The vacant lot was bought by a third party in the amount of $31,100. Wildwood Creek was then sued by BMO for the existing …show more content…

Fed. Sav. & Loan Ass'n of Wichita v. Dynamic Dev. Corp., 167 Ariz. 122, 128, 804 P.2d 1310, 1316 (1991) when analyzing the present case. The issue is in the Mid Kansas case whether the anti-deficiency statute applied to residential developers whose restricted trust properties were at one point improved by a finished dwelling. It was held that the mortgagor’s identity is irrelevant if the property fits within the statutory classification. This holding was supported by the principal element of the dwelling that is suitable for human presence or intended as such. It was concluded that the language in the statutes include the present tense “is…utilized for,” which suggests that the property must have such a dwelling is already completed in its construction. There were concerns in regards to the anti-deficiency statute was to be applied to the am unfinished dwelling. One concern if such applied was that borrowers would begin to camp on the lots so that it would be classified as a dwelling. Another concern was that it would not be fair for the anti-deficiency statute to apply to one who lives in a completed dwelling for a day and not one who has yet to move in. The holding in the Mid Kansas case contradicted such language causing it to be

In this essay, the author

  • Explains that bmo harris bank, hereby known as mortgagee, sought action against wildwood creek ranch and the arizona court of appeals reversed the summary judgment.
  • Explains how wildwood creek ranch, llc borrowed $260,200 from bmo harris bank to fund the construction of a home. the loan note was renewed in 2009 and later defaulted on in 2011.
  • Explains that the anti-deficiency statute only applies to properties that are used for either one-family or single two family dwelling. the lot purchased by wildwood creek ranch, llc was never completed and remained undeveloped.
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