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Arizona Supreme Court holds that a 5% late fee for a balloon payment on a commercial loan did not approximate the anticipated or actual loss from late payment, and therefore was not enforceable as liquidated damages.
Yearly Archives: 2017
Arizona Court of Appeals Division One holds that subordination agreements operate as deeds of trust conveying ownership interests in commercial condominium leases.
Arizona Court of Appeals Division Two holds that when a contract allows a party to elect which of several states’ laws apply, the party need not exercise its right before filing a substantive motion if its election does not contradict its earlier positions.
ZB, N.A. v. Hoeller – 4/25/2017
May 2, 2017
Arizona Court of Appeals Division One holds that when the promissory note’s choice-of-law provision conflicts with the choice-of-law provision in a related deed of trust, the promissory note’s provision controls in a deficiency action following a trustee’s sale.
American Power Products v. CSK Auto – 3/23/2017
May 2, 2017
The Arizona Supreme Court holds that when a contract (1) contains a provision awarding fees to the “prevailing party,” and (2) states that Arizona law governs the rights and remedies available under the contract, then A.R.S. § 12-341.01 provides the applicable definition of “prevailing party.”
Arizona Court of Appeals Division One holds that a former spouse is treated as a “spouse” for ASRS survivor benefits awarded under a domestic relations order.