Legal Opinion
AMTRUST BANK v. Fossett
Court of Appeals of Arizona
Decided December 15, 2009No. 1 CA-CV 08-0840PublishedCited by 17 opinions
1Opinion of the Court
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 debt, the lender may rebut that evidence by showing that when it issued the form it did not intend to forgive the obligation.
FACTS AND PROCEDURAL…
2Cases cited7 opinions
- Franklin Credit Management Corp. v. NicholasConnecticut Appellate Court · 2002
- Unique Equipment Co. v. TRW Vehicle Safety Systems, Inc.Court of Appeals of Arizona · 1999
- Bononi Ex Rel. Bankruptcy Estate of Zilka v. Bayer Employees Fed. Credit Union (In Re Zilka)United States Bankruptcy Court, W.D. Pennsylvania · 2009
- DEBT BUYERS'ASS'N. v. SnowDistrict Court, District of Columbia · 2006
- Long v. TurnerCourt of Appeals for the Fifth Circuit · 1998
2 more not listed; retrieve them via the Exa API.
3Cited by17 opinions
- Federal Deposit Insurance Corporation v. Avery Cashion, IIICourt of Appeals for the Fourth Circuit · 2013
- Flathead Bank of Bigfork v. Masonry by Muller, Inc.Montana Supreme Court · 2016
- In re SarnoUnited States Bankruptcy Court, D. Massachusetts · 2011
- Wb, the Building Company, LLC. v. El DestinoCourt of Appeals of Arizona · 2011
- Verdini, A. v. First National Bank of PennsylvaniaSuperior Court of Pennsylvania · 2016
12 more not listed; retrieve them via the Exa API.