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WELLS FARGO CREDIT CORP. v. SMITH

No. 1 CA-CIV 88-335.

166 Ariz. 489 (1990)

803 P.2d 900

WELLS FARGO CREDIT CORPORATION, an Arizona Corporation, Justice Mortgage Company, Inc., an Arizona Corporation, Plaintiffs, Counter-defendants, Third Party Defendants-Appellees, v. Harold N. and Barbara Elaine SMITH, husband and wife, Defendants, Counter-claimants, Third Party Plaintiffs-Appellants, and Michael Simonson and Jeffrey Arbetman, dba Simonson and Arbetman, Appellants.

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

March 20, 1990.

Attorney(s) appearing for the Case

Squire, Sanders & Dempsey by Dennis I. Wilenchik and Judith M. Prakel, Phoenix, for appellees.

Brunn W. Roysden, Jr., Phoenix, for appellants.

OPINION

GERBER, Judge.

This appeal arises from an action based upon a loan contract between appellants Harold and Barbara Smith (Smiths) and appellee Justice Mortgage Co., Inc. (Justice Mortgage). Appellee Wells Fargo Credit Corporation (Wells Fargo) became a party to the contract as assignee of Justice Mortgage.

FACTS

In April 1985 the Smiths approached Justice Mortgage for a mortgage loan. Through a contractual arrangement with Justice Mortgage...

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