National Bank v. Schwartz

OPINION

THOMPSON, Presiding Judge.

¶ 1 This is a deficiency action following a trustee’s sale. Richard and Sigrid Schwartz (homeowners) appeal the trial court’s order denying their motion to dismiss or, in the alternative, motion to compel arbitration as required under National Bank of Arizona’s (Bank’s) promissory note. Finding arbitration is required, we reverse.

FACTUAL AND PROCEDURAL BACKGROUND

¶ 2 In February 2007, the Bank loaned homeowners $1,360,000 secured by a deed of trust on their real property located in Scottsdale, Arizona. Homeowners executed a promissory note on the debt that…