Arizona  |  Business Law

Legal Question

Asked on: 8/01/13, 8:48 am

In Arizona if an apartment complex goes into foreclosure and is bank-owed and then sold to a 3rd party, does the new ownership assume contracts that the bank signed?

In my case the bank's management company signed a 2 year deal that constituted monthly payments of which the bank's management company paid 6 months. Once sold the new ownership continued to pay for the next 5 months. I then receive a letter of discontinuing service in 2 months. Has the new ownership assumed the contract or is there some precedent that the contract responsibility was transferred to the new ownership?

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