UTA Amicus Brief To Be Filed on Key Arizona Decision

Case involves who owns the note

Bankruptcy litigation is being pushed in Arizona on an issue involving who owns the note.  The case (Vazquez v. Deutsche Bank National Trust Company, as Trustee for Saxon Asset Securities Trust) is being defended by a public interest law firm who represents a borrower against Saxon/Morgan Stanley. 

The case was originally dismissed in trial court.  The District Court had two questions that were certified for review on appeal by the Arizona Supreme Court. They are:

1. Is the recording of an assignment of deed of trust required prior to the filing of a notice of a trustee’s sale under A.R.S. 33-808 when the assignee holds a promissory note payable to bearer?
   
   
2. Must the beneficiary of a deed of trust being foreclosed pursuant to A.R.S. 33-807 have the right to enforce the secured obligation?

The Legal Aid team representing the plaintiff has solicited several amicus briefs for the case.  The Arizona Attorney General’s office will be filing an amicus brief with the court in support of the plaintiff.  This case is likely to be a published decision by the Arizona Supreme Court resulting in significant press and exposure.  Oral argument will be held on September 21st before the University of Arizona law school body.

The case currently has no industry input of record and as such the firm of McCarthy Holthus will be drafting a brief for the United Trustees Association.

Read the BK Order
Read the Defendants Brief