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DE ANZA LAND AND LEISURE CORP. v. RAINERI

Nos. 1 CA-CIV 5529, 1 CA-CIV 5564.

137 Ariz. 262 (1983)

669 P.2d 1339

DE ANZA LAND AND LEISURE CORPORATION, an Arizona corporation, Plaintiff-Appellee, v. Joseph C. RAINERI and Eleanor C. Raineri, his wife; Ray Development Company, Inc., an Arizona corporation; Abra Water Company, Inc., an Arizona corporation; Wine Glass Ranches, Inc., an Arizona corporation; and B.A. Yarbro and Enid Yarbro, his wife, Defendants-Appellants.

Court of Appeals of Arizona, Division 1, Department D.

Rehearing Denied July 7, 1983.

Review Denied October 4, 1983.

Attorney(s) appearing for the Case

Fennemore, Craig, von Ammon & Udall by John J. O'Connor, III, Phoenix, for plaintiff-appellee.

Raineri & Raineri by Anthony J. Raineri, Scottsdale, for defendants-appellants Raineris.

Renaud, Cook & Videan, P.A. by J. Gordon Cook, Phoenix, for defendants-appellants Ray Development Co., Inc., Abra Water Co., Inc., Wine Glass Ranches, Inc. and B.A. Yarbro and Enid Yarbro.

OPINION

GRANT, Judge.

This is an action to foreclose certain mortgages securing a promissory note executed by Ray Development Company. We hold that the suit is barred by the statute of limitations and therefore reverse the trial court.

On December 21, 1961, appellant Ray Development Co., Inc. (Ray Development) executed to the original creditor herein, Capitol Coal and Coke Company, a promissory note in the amount of $450,000. This note was secured...

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