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FIRST INTERSTATE BANK v. TATUM AND BELL

No. 1 CA-CV 89-087.

170 Ariz. 99 (1991)

821 P.2d 1384

FIRST INTERSTATE BANK OF ARIZONA, N.A., Plaintiff-Appellee, v. TATUM AND BELL CENTER ASSOCIATES, an Arizona general partnership; James E. Meadows, if he be living, his unknown heirs and devisees if he be dead; Jennifer M. Meadows, wife of James E. Meadows, if she be living, her unknown heirs and devisees if she be dead; Cardon Meadows Development Corporation, an Arizona corporation; Cardon Oil Company, an Arizona general partnership; Wilford and Phyllis Cardon; Elijah and Marjorie Cardon; Craig and Deborah Cardon, Defendants-Appellants.

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

Reconsideration Denied January 7, 1992.

Attorney(s) appearing for the Case

Streich, Lang, Weeks & Cardon, P.A. by William S. Hawgood II, Marcia Horn Yavitz, Timothy J. Thomason, Robert E. Miles, Phoenix, for plaintiff-appellee.

Beus, Gilbert & Morrill by Paula S. Bickett, Martin A. Aronson and Neil Vincent Wake, Phoenix, for defendants-appellants.

OPINION

FIDEL, Presiding Judge.

When property is sold at a trustee's sale for a price too low to relieve the debt that it secures, the lender may sue the borrower for the deficiency. The borrower, however, is statutorily credited with the property's fair market value if the trustee's sale has brought a lesser sum. This fair market value credit serves to protect the borrower against a deficiency artificially inflated by a deflated trustee's sale.

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