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TANKERSLEY v. SUPERIOR COURT

No. 2 CA-SA 0149.

146 Ariz. 402 (1984)

706 P.2d 728

Ronald R. TANKERSLEY and Jay Lynn Tankersley, husband and wife; Roland May and Ann May, husband and wife; David J. McKay; May/Tankersley/McKay Joint Venture, an Arizona Joint Venture; and May/Tankersley Joint Venture, an Arizana Joint Venture, Petitioners, v. SUPERIOR COURT of the State of Arizona, In and For the COUNTY OF PIMA; Hon. William N. Sherrill, a Judge thereof; L.B. Nelson Corporation of Tucson, a California corporation; Lightning "A" Ranch Venture, an Arizona Joint Venture; Castlerock Ranch Venture, an Arizona Joint Venture; and Pioneer Trust Company of Arizona, an Arizona corporation, Respondents.

Court of Appeals of Arizona, Division 2.

Review Denied April 23, 1985.

Attorney(s) appearing for the Case

Molloy, Jones, Donahue, Trachta, Childers & Mallamo, P.C. by Michael J. Meehan and Wilbur M. Roadhouse, Tucson, for petitioners.

Winston & Strawn by Logan T. Johnston, Daniel D. Maynard and Clifford N. Roth, Phoenix, for respondents L.B. Nelson Corp., Lightning A Ranch Venture and Castlerock Ranch Venture.

HATHAWAY, Judge.

OPINION

In 1978, petitioners (hereinafter referred to collectively as "Tankersley") and the real parties in interest, except Pioneer Trust Company of Arizona, (hereinafter referred to collectively as "Nelson") entered into two joint venture agreements to subdivide, develop and sell certain real property owned by Tankersley and located in Pima County. Stated in the simplest terms, the agreements provided...

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