Csa 13-101 Loop, LLC, an Oklahoma Limited Liability Company, Plaintiff/appellant v. Loop 101, LLC, an Arizona…

Summary

The court held that parties may not prospectively waive the fair-market-value credit required by A.R.S. § 33-814(A) after a deed-of-trust foreclosure. The statute’s purpose of preventing artificially inflated deficiency judgments and protecting borrowers creates a public policy that outweighs enforcement of such waiver provisions, including against guarantors. The court vacated specified portions of the appellate decision, affirmed the superior court’s judgment denying a deficiency, and awarded attorney fees to Loop and the guarantors.