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BANK ONE, ARIZONA, N.A. v. BEAUVAIS

No. 1 CA-CV 96-0301.

188 Ariz. 245 (1997)

934 P.2d 809

BANK ONE, ARIZONA, N.A., formerly known as The Valley National Bank of Arizona, a national banking association, Plaintiff, Counterdefendant-Appellant, Cross Appellee, v. Edward R. BEAUVAIS and Mary Ellen Beauvais, husband and wife, Defendants, Counterclaimants-Appellees, Cross Appellants.

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

March 18, 1997.

Attorney(s) appearing for the Case

Johnston, Maynard, Grant & Parker, P.L.C. by Frank L. Murray, Michael D. Curran, Phoenix, for Appellant/Cross Appellee.

Terry A. Dake, Ltd. by Terry A. Dake, Phoenix, for Appellees/Cross Appellants.

GRANT, Judge.

In this appeal, we must decide whether the extension, renewal or refinancing of a purchase-money loan transformed the renewed or new loan into a non-purchase-money obligation. We hold that under the facts of this case, the trial court correctly held that the renewed or new loan retained its character as a purchase-money note.

FACTS AND PROCEDURAL HISTORY

In 1988, appellees Edward R. and Mary Ellen Beauvais ("the Beauvais...

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