Atlee Credit Corporation v. Quetulio

OPINION

HATHAWAY, Chief Judge.

Is a mortgage foreclosure action barred when the statute of limitations has run on the underlying obligation ? That is the question presented on this appeal. In other words, must a mortgage foreclosure action be commenced within the time prescribed by A.R.S. § 12-548:

“An action for debt where indebtedness is evidenced by or founded upon a contract in writing executed within the state shall be commenced and prosecuted within six years after the cause of action accrues, and not afterward.”

Briefly, the chronology of events is as follows. In September, 1963, appellees…