Desert Sun Loan Corp. v. Consolidated Water Utilities Ltd. Partnership

OPINION

KLEINSCHMIDT, Judge.

Consolidated Water Utilities Limited Partnership appeals from summary judgment on a promissory note payable to Desert Sun Loan Corporation. Consolidated contends the trial court erred in holding that its assumption of liability on the note was within the statutory exception to the general requirement that a public service corporation obtain advance authorization from the Arizona Corporation Commission before issuing any stocks, bonds, notes or other evidences of indebtedness. Ariz.Rev.Stat.Ann. (“A.R.S.”) § 40-302(A) and (D). We disagree with Consolidated and affirm.