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LAKE HAVASU RESORT v. COMMERCIAL LOAN INS.

No. 1 CA-CIV 5977.

139 Ariz. 369 (1983)

678 P.2d 950

LAKE HAVASU RESORT, INC., an Arizona corporation, Plaintiff-Appellant, v. COMMERCIAL LOAN INSURANCE CORPORATION, a Wisconsin corporation, licensed to do business in Arizona, Defendant-Appellee.

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

Reconsideration Denied December 22, 1983.

Attorney(s) appearing for the Case

Mitchell, Jensen & Timbanard, P.C. by Sheldon Mitchell and A. Alexander Katz, Phoenix, for plaintiff-appellant.

Lewis & Roca by John P. Frank and Susan M. Freeman, Phoenix, for defendant-appellee.

OPINION

GREER, Judge.

The main issue we consider in this case concerns the rights and obligations of appellee Commercial Loan Insurance Co. (CLIC) as a "successor in possession" to a defaulting lessee under a policy of lease guaranty insurance it wrote to Lake Havasu Resort (Resort) as lessor. More specifically, we must determine to what extent, if any, CLIC is obligated under the terms of the original lease agreement once it takes possession of the demised...

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