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FIRST AM. TITLE INS. CO. v. ACTION ACQUISITIONS, LLC

No. CV-07-0412-PR.

187 P.3d 1107 (2008)

FIRST AMERICAN TITLE INSURANCE COMPANY, a California corporation, Plaintiff/Counter-Defendant/Appellee, v. ACTION ACQUISITIONS, LLC, an Arizona limited liability company; Free For Now, LLC, an Arizona limited liability company, Defendants/Counter-Claimants/Appellants. Action Acquisitions, LLC, an Arizona limited liability company; Free For Now, LLC, an Arizona limited liability company, Third-Party Plaintiffs/Appellants, v. Capital Title Agency, Inc., an Arizona corporation, Third-Party Defendant/Appellee.

Supreme Court of Arizona, En Banc.

July 25, 2008.

Attorney(s) appearing for the Case

Ramras Law Offices, P.C. by David N. Ramras, Ari Ramras, Phoenix, Attorneys for First American Title Insurance Company.

Berens, Kozub & Kloberdanz, P.L.C. by Daniel L. Kloberdanz, William A. Kozub, Scottsdale, Attorneys for Action Acquisitions, LLC and Free For Now, LLC.

Jackson White, P.C. by Eric M. Jackson, Christine Farnsworth, Mesa, Attorneys for Capital Title Agency, Inc.

OPINION

BALES, Justice.

¶ 1 This case involves title insurance for a home purchased at a sheriff's sale. After the purchasers obtained the insurance policy, the superior court set aside the sale because the purchasers had paid a grossly inadequate price. The purchasers then made a claim for insurance coverage. We hold that the title insurer properly denied coverage based on the policy's exclusion for loss resulting from risks created by the purchasers...

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