SOUTHWEST SAVINGS AND LOAN ASSOCIATION v. Mason

FELDMAN, Vice Chief Justice.

In this case a lender holding a note evidencing and mortgage securing a debt for purchase of a single family residence has attempted to waive the security of the mortgage and sue the obligors in debt. A.R.S. § 33-729(A) prohibits those holding purchase money mortgages on certain types of residential property from enforcing the judgment obtained in a foreclosure action against “any other property of the judgment debtor.” It further provides that no “general execution [may] be issued” to enforce such judgment, “notwithstanding any agreement to the contrary.”

On the…