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AMTRUST BANK v. FOSSETT

No. 1 CA-CV 08-0840.

224 P.3d 935 (2009)

AMTRUST BANK, a division of Ohio Savings Bank, a financial institution, Plaintiff/Appellee, v. Ricki R. FOSSETT and Diane Lynn Fossett, husband and wife, Defendants/Appellants.

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

December 15, 2009.

Attorney(s) appearing for the Case

Gust Rosenfeld, PLC by Madeleine C. Wanslee, Christina M. Noyes, Phoenix, Attorneys for Plaintiff/Appellee.

Law Offices of Michael E. St. George, PC by Michael E. St George, Tempe, Attorneys for Defendants/Appellants.

OPINION

JOHNSEN, Judge.

¶ 1 Years after the borrowers in this case defaulted on a loan, the lender issued a federal tax Form 1099-C indicating the debt was cancelled. The lender then sued the borrowers on the obligation. On summary judgment, the borrowers did not dispute the default, but argued they were not liable because the lender had cancelled the debt. We hold that while issuance of a Form 1099-C may be prima facie evidence of cancellation of a...

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