The Arizona Banker - Jan/Feb 2013 - page 11

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
. 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
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