Resolution Trust Corp. v. Segel

OPINION

GRANT, Judge.

This appeal arises out of a suit by Southwest Savings and Loan Association (“Southwest”) against Howard Segel (“Se-gel”) for the balance due under four promissory notes executed by Segel payable to Southwest. The trial court granted summary judgment in favor of Segel, holding that Southwest was precluded under Baker v. Gardner, 160 Ariz. 98, 770 P.2d 766 (1988), from suing directly on the notes. The issue on appeal is whether Southwest, a non-purchase money lender who made four loans secured by deeds of trust on residential property, was entitled to waive its security and…