Publication
Financial Services Litigation Bulletin – December 2011
Lenders Not Required to Record Trust Deed Assignments, says the Arizona Supreme Court
By Greg J. Marshall and Andrew V. Hardenbrook
With lawsuits challenging trustee’s sales continuing to flood Arizona courts, the Arizona Supreme Court accepted a rare request by the Bankruptcy Court to consider whether lenders must record deed of trust assignments prior to noticing a trustee’s sale. After considering several amici curiae, including one filed by the Arizona Attorney General, the Arizona Supreme Court answered unanimously in Vasquez v. Saxon Mortgage Inc., No. CV-11-0091-CQ (Ariz. Nov. 18, 2011), that lenders are not required to record assignments prior to noticing a trustee’s sale.
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