Northern Arizona Properties v. Pinetop Properties Group

EUBANK, Presiding Judge.

The single issue raised in this appeal is whether the trial court properly construed A.R.S. § 33-729(A) as precluding a defi ciency judgment in the foreclosure of a deed of trust as a mortgage.

Pinetop Properties Group (Pinetop), a partnership, purchased a condominium (condo), Unit 24-A, Sports Village Unit Three, located in Pinetop, Arizona, from Northern Properties (Northern). The condo consisted of three bedrooms and was situated in a building containing three other similar condo units. Northern sold the condo to Pinetop, receiving in exchange a promissory note for…