Resolution Trust Corp. v. Freeway Land Investors

ORDER

McNAMEE, District Judge.

This action arises from Defendant Freeway Land Investors’ default on a $2,500,-000.00 promissory note secured by a junior trust on a piece of property near McDowell Road and 51st Avenue in Phoenix, Arizona (the subject property). On February 14, 1991, then-Plaintiff Great American Bank (Great American) brought this action in the Superior Court of the State of Arizona, in and for the County of Maricopa, seeking enforcement of the promissory note. The parties proceeded with the lawsuit in the Superior Court, and filed various motions. The Resolution Trust…