The Arizona Supreme Court just issued an Opinion in BMO Harris Bank, N.A. v. Wildwood Creek Ranch, LLC, holding that Arizona’s residential anti-deficiency statute, Arizona Revised Statute Section 33-814(G), does not bar a deficiency judgment against an owner of vacant property. The Court specified that for the anti-deficiency protections to apply, a “dwelling” must have been completed. The Court’s decision directly overrules a recent Arizona Court of Appeals decision in M&I Marshall Bank v. Mueller.
The Mueller decision created great potential for uncertainty and the high Court was unwilling to let that uncertainty stand. The Mueller court
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