Pub. 3 2013 Issue 1

ARIZONA BANKER ~ January/February 2013 11 The foregoing is not intended to be, nor shall it be construed as, legal advice. For more information, contact Zachary L. Laprade at (602) 440-4880 or at zlaprade@rcalaw.com . Mr. Laprade is an of counsel attorney in the Phoenix office of Ryley Carlock & Applewhite where he practices in the real estate, banking and lending practice group. owner. The appraiser’s lack of duty was evidenced by a “short form” appraisal for lending purposes, which was not prepared to guide the homebuyers in their purchase. The final example did not involve a bank in the litigation, but is still telling. An appraiser hired by a seller of vacant land did not owe a duty to the third-party purchaser of the property because the seller had refused to inform the appraiser how he intended to use his report, and the report itself stated “[t]he function of this report is to aid our cli- ent” and it “may [not] be used for any purpose other than its intended use.” In sum, if the appraiser intends to supply his appraisal to a borrower, or knows the bank intends to supply the ap- praisal to the borrower, the appraiser may owe a duty to the borrower. But, if the appraiser and the bank regard the recipient’s identity as “important and material” and, the appraiser understood that his liability was to be restricted to the bank alone, the appraiser likely does not owe a duty to the borrower. Z Q&A » Family: Wife, Rosa; Children, Benito Jr. and Katherine » Education: MBA, Stanford University; Juris Doctor- ate, University of Santa Clara » Wish you’d known 20 years ago: Importance of com- munity » If you could have any other job: Play center field for San Francisco Giants » Will never do again: Put work before family » Favorite way to relax: Hiking and watching my grand- sons play hockey » An early lesson learned: Never be late for a meeting. I worked for someone early in my career and was late to a meeting. He locked the door. Z Angela Gonzales covers health, biotech and education. © Phoenix Business Journal, 2013. Q Benito Almanza — continued from page 8