Provident National Assurance Co. v. Sbrocca

OPINION

WEISBERG, Presiding Judge.

Appellants Romano and Rosanne Sbrocca (“Sbroccas”) appeal from the trial court’s judgment of $217,228.71 in favor of appellee Provident National Assurance Company (“Provident”) based on a written guaranty. The issue we decide is whether the nonrecourse nature of the underlying promissory note prevents a mortgagee from pursuing collection remedies against the guarantors of that note. We hold that it does not.

FACTS

Provident made a nonrecourse loan in the original principal amount of $4,500,000.00 (“Note”) to an Arizona general partnership known as Terra Plaza…