context: P23 The court's order in the foreclosure action that the price Purchasers paid for the home was "grossly inadequate" and "shocked the Court's [conscience]" was not appealed and has become final. On that basis alone, the superior court in this case could have correctly concluded that as a matter of law, Purchasers failed to "pay value" for the home, within the meaning of Exclusion 5.
citation_a.signal: see also
citation_a.identifier: 203 Ariz. 214, 214, ¶ 38
citation_a.parenthetical: trustee s sale may be set aside if price is "grossly inadequate"
citation_a.sentence: See Alexander, 77 Ariz. at 99, 267 P.2d at 735 (purchaser must pay “a present equivalent” for purposes of recording statute); West, 299 F.Supp. at 668 (one who pays a “grossly inadequate” price for real property is not a bona fide purchaser); see also Krohn, 203 Ariz. at 214, ¶ 38, 52 P.3d at 783 (trustee s sale may be set aside if price is “grossly inadequate”); Homecraft, 119 Ariz. at 302, 580 P.2d at 763 (foreclosure sale may be set aside if price “is so gross as to be proof of fraud or shock the conscience of the court”).
citation_b.signal: see
citation_b.identifier: 299 F.Supp. 668, 668
citation_b.parenthetical: one who pays a "grossly inadequate" price for real property is not a bona fide purchaser
citation_b.sentence: See Alexander, 77 Ariz. at 99, 267 P.2d at 735 (purchaser must pay “a present equivalent” for purposes of recording statute); West, 299 F.Supp. at 668 (one who pays a “grossly inadequate” price for real property is not a bona fide purchaser); see also Krohn, 203 Ariz. at 214, ¶ 38, 52 P.3d at 783 (trustee s sale may be set aside if price is “grossly inadequate”); Homecraft, 119 Ariz. at 302, 580 P.2d at 763 (foreclosure sale may be set aside if price “is so gross as to be proof of fraud or shock the conscience of the court”).