Hoyle v. Dickinson

OPINION

FERNANDEZ, Judge.

In this case we are presented with the question of whether, under a subdivision trust in Arizona, a first beneficiary who has subordinated his priority to a construction lender can sue a second beneficiary for the unpaid balance of the purchase price after the trust property has been foreclosed upon by the lender. We hold that such an action may be maintained and that the summary judgment entered in favor of the first beneficiary in this case was proper.

In June 1980 plaintiffs/appellees Thomas and Jane Hoyle and Marineo Builders, Ltd. executed escrow instructions in…