Arizona Laws 33-730. Limitation on deficiency judgment on mortgage or deed of trust as collateral for consumer goods
Current as of: 2023 | Check for updates
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A. If both a security agreement and a mortgage or deed of trust have been given to secure payment of the balance of the purchase price of real property and consumer goods or services or the balance of the combined purchase price of such real property and consumer goods or services, no deficiency shall lie thereunder if no deficiency would lie under the mortgage or deed of trust given under such transaction, notwithstanding any agreement to the contrary.
Terms Used In Arizona Laws 33-730
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Property: includes both real and personal property. See Arizona Laws 1-215
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
B. For the purposes of this section, consumer goods and services are goods and services used or acquired for use primarily for personal, family or household purposes.