Tucson Federal Savings & Loan Ass'n v. Sundell

LOCKWOOD, Chief Justice:

This case is before us on a petition for review of a decision of the Court of Appeals reversing a judgment of the Superior Court. The decision of the Court of Appeals (11 Ariz.App. 372, 464 P.2d 818) is vacated and the judgment of the superior court is affirmed.

The Lusk Corporation, prior to Opening-Lakeside # 2, a Pima County real estate subdivision, entered into an informal understanding with Tucson Federal Savings and Loan Association, the plaintiff herein, for the purpose of obtaining financing under an abbreviated procedure designed to expedite the paper work…