Cely v. Deconcini, McDonald, Brammer, Yetwin & Lacy, P.C.

OPINION

FIDEL, Presiding Judge.

In Baker v. Gardner, our supreme court held that the holder of a note and security device may not waive the security and sue on the note to hold the maker personally liable for the unpaid balance when the security falls within the limited class of purchase money mortgages and deeds of trust described in Arizona’s anti-deficiency statutes. 1 160 Ariz. 98, 104, 770 P.2d 766, 772 (1988). We hold in this case that when one home is mortgaged to secure the purchase of a second home, the mortgage is not a purchase money security interest and the mortgage anti-deficiency…