4.2.6 Fraud, Duress, Mistake, or Illegality.
| Jurisdiction | Arizona |
The borrower can set up fraud, duress, mistake, or illegality as defenses to either the secured obligation itself or to creating the security interest. See Murphy v. Fox, 278 P.2d 820, 31 A.L.R. 731 (Okla. 1955).
Even when the borrower participates in a fraudulent scheme, the court may protect the borrower if the lender’s conduct is reprehensible. For example, when an attorney took a lien in favor of himself to “hide” the property from his client’s wife, and then sought to foreclose for his own account...
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