Pub. 4 2014 Issue 3

19 SUMMER 2014 a mechanics' lien breaks the priority of the deed of trust, or whether an advance under a senior loan remains prior to a junior loan. Joining With Additional Claims/Multi-State Mat- ters. Additional claims that can only be brought in a court action, such as for the appointment of a receiver, waste, guarantor liability, and of course deficiency liability, may be handled in a single judicial proceeding. This may become even more relevant to a loan that includes collateral outside of Arizona, requiring multi-state enforcement, particularly where the laws of different states may conflict concerning the timing, sequencing, and effect of lien enforcement and deficiency rights. Now, more than ever, lenders should consider at the outset the possible benefits of pursuing judicial foreclosure, even with the extra time and costs when compared to the far more common trustee's sale. w For more information contact Christopher M. McNichol at 602-257-7496; mcnichol@gustlaw.com . Chris practices in the area of real estate transactions and litigation. He is a Partner and Chair of the Real Estate Section at Gust Rosenfeld PLC. Jan Anderson, CFSA jan.anderson2@comcast.net 533 W. Guadalupe Rd., #2061 • Mesa, AZ 85210 • 480.633.9179 7151 Wright Terrace • Niles, IL 60714 • 847.983.8232 Whether your needs include financial/operational, regulatory compliance, or trust audits, or a compliance training partner, we are your solution! WeAre YourSolution! Join your peers for the Western States Capit o l Hill Visit September 30th - October 2nd, 2014