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CONTINENTAL BANK v. GUARANTY WAREHOUSE

No. 2 CA-CV 5881.

153 Ariz. 522 (1987)

738 P.2d 1129

CONTINENTAL BANK, an Arizona corporation, Plaintiff/Appellant, v. GUARANTY WAREHOUSE CORPORATION, an Arizona corporation, Defendant/Appellee.

Court of Appeals of Arizona, Division 2, Department A.

Review Denied June 16, 1987.

Attorney(s) appearing for the Case

Murphy & Posner by K. Bellamy Brown, Richard H. Lee and Gary N. Pederson, Phoenix, for plaintiff/appellant.

Jennings, Kepner & Haug by Craig R. Kepner and Steven S. Guy, Phoenix, for defendant/appellee.

OPINION

FERNANDEZ, Judge.

Continental Bank appeals from the entry of summary judgment in favor of Guaranty Warehouse Corporation in Continental's suit for the loss of the collateral which secured a loan it had made to a third party. The bank contends that issues of fact exist which precluded entry of summary judgment. We agree and reverse.

In May 1983 Continental extended an $850,000 line of credit to Phoenix Distributing Company, Inc., a wholesale...

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