Union Construction Co. v. Beneficial Standard Mortgage Investors

OPINION

FROEB, Presiding Judge.

This is a suit upon a promissory note secured by a deed of trust upon real property. Our inquiry is whether the suit is barred because the holder failed to qualify to do business in Arizona and, if it is not, whether the guarantors of the note are liable notwithstanding an extension of time for payment without their consent.

The note, in the original amount of $514,-000.00, was made by Traditional Development, Inc., an Arizona corporation, to Security Mortgage, Inc., an Arizona corporation, on a townhouse development. Appellants Robert D. Evans and Sandra G. Evans…