Bmo Harris Bank, N.a., as Successor to M & I Marshall & Ilsley Bank, Plaintiff/appellant v. Wildwood Creek Ranch…

Summary

The court held that the residential anti-deficiency statute does not protect vacant, undeveloped property merely because the borrower intends to build and occupy a home there. The statute applies only when a residential structure has been completed, although occupancy is not required if the completed structure is suitable and intended for human habitation. The court therefore reversed the superior court, vacated the court of appeals’ opinion, and remanded for partial summary judgment in favor of the bank.