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Arizona Supreme Court - Amicus Curiae, Thomas C. Horne, AZ Attorney General - Julia Vasquez Vs. Deutche Bank

Arizona Supreme Court - Amicus Curiae, Thomas C. Horne, AZ Attorney General - Julia Vasquez Vs. Deutche Bank

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Categories:Types, Business/Law
Published by: ForeclosureGate.org Library on Sep 03, 2011
Copyright:Attribution Non-commercial

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02/01/2014

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...~--I.
ARIZONASUPREMECOURTJuliaVasquez,Plaintiff,v.DeutscheBankNationalTrustCompany,asTrusteeforSaxonAssetSecuritiesTrust2005-3;SaxonMortgage,Inc.;andSaxonMortgageServices,Inc.,Defendants.No.CV11-0091-CQUnitedStatesBankruptcyCourtCaseNo.4:08-bk-15510-EWHBRIEFOF
AMICUSCURIAE
STATEOFARIZONAThomasC.HomeAttorneyGeneralFirmStateBarNo.14000CarolynR.Matthews(S.B.#013953)DenaR.Epstein(S.B.#015421)DonnellyA.Dybus(S.B.#013819)AssistantAttorneysGeneralPublicAdvocacyDivision1275W.WashingtonPhoenix,Arizona85007-2997602)542-7731(602)542-4377(fax)consumer@azag.govAttorneysfor
AmicusCuriae
StateofArizona
 
TABLEOFCONTENTS
STATEJ\.1ENTOFINTEREST1ARGUMENT11
1.
CertifiedQuestion#1:IstheRecordingofanAssignmentofDeedofTrustRequiredPriortotheRecordingofaNoticeofTrustee'sSaleUnderA.R.S.§33-808WhentheAssigneeHoldsaPromissoryNotePayabletoBearer?Answer:Yes11A.AnAssigneeandHolderofaPromissoryNoteMadePayabletoBearerandSecuredbyaDeedofTrustMustHaveaBeneficialInterestofRecordintheDeedofTrustBeforeItCanDirecttheTrusteetoInitiateaTrustee'sSale111.Thestatutoryschemeisdesignedtoensurethatpersonswhohaveauthoritytoforecloseondeedsoftrustcanbeidentifiedfromthelocalpublicrecord112.ThisCourtcanandshoulddeterminethat,ifadeedoftrusthasbeenassigned,theassignmentmustberecordedbeforeanoticeoftrustee'ssalecanberecorded13B.RequiringRecordationofaDeedofTrustAssignmentBeforeanAssigneeCanValidlyRecordaNoticeofSaleWillServethePublicInterest.141.Accurateidentificationinthepublicrecordofwhoownstheloanandwhohasthepowertoforeclosecanfacilitatelossmitigationandavoidforeclosure..,152.Anaccuratepublicrecordmayavoidwrongfulforeclosures...173.Anaccuratepublicrecordwillfacilitatecertaintyoftitleandthesaleofrealestate18II.CertifiedQuestion#2:MusttheBeneficiaryofaDeedofTrustBeingForeclosedPursuanttoA.R.S.§33-807HavetheRighttoEnforcetheSecuredObligation?Answer:Yes18
1
 
A.ABeneficiaryofaDeedofTrustBeingForeclosedPursuanttoA.R.S.
§
33-807MustHavetheRighttoEnforcetheSecuredObligation...18B.ASubsequentHolderofaPromissoryNotePayabletoBearerMustReceiveanAssignmentoftheDeedofTrustBeforeitCanNoticeaTrustee'sSale21C.PublicPolicyDemandsStrictComplianceWiththeLaw23III.TheBanks'FearsofDisastrousEconomicResultsAreGreatlyOverstated........................................................................................................................25A.ATrustee'sSaleThatFailstoComplyWithArizonaLawWillNotJeopardizePropertyRightsofPurchasersorTheirTenants261.Thethirdpartywhopurchasesatthetrustee'ssale262.Thelender/beneficiarywhopurchasesatthetrustee'ssale.....273.Thesubsequentthirdpartypurchaser284.Borrowerswhoareforeclosedondohavesomeprotection....29B.ARulingIntheHomeowner'sFavorWillNotStopForeclosureActivity30C.ThereisNoBasisfortheBanks'AssertionThatRequiringCompliancewiththeLawWillHaveaChillingEffectontheSaleofRealProperty30D.TheCourt'sDecisionNeedNotCloudYearsofRealPropertyTransactions33CONCLUSION34CERTIFICATEOFCOMPLIANCE35CERTIFICATEOFSERVICE36
11

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