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Keywords

appealtrialleasewater rights

appealtrial

Related Cases

Paloma Inv. Ltd. Partnership v. Jenkins, 194 Ariz. 133, 978 P.2d 110, 280 Ariz. Adv. Rep. 3

Facts

W.K. Jenkins and his son agreed to purchase a ranch from Prudential Insurance Company and subsequently assigned their interest to J.S. Stephens and Sons, Inc., which included the WRA. The WRA granted Jenkins a right to a portion of proceeds from the sale or lease of water rights on the property. After several assignments and a sale to Paloma, who was aware of the WRA, Paloma filed a complaint to quiet title, challenging the WRA's validity.

W.K. Jenkins and his son agreed to purchase a ranch from Prudential Insurance Company and subsequently assigned their interest to J.S. Stephens and Sons, Inc., which included the WRA.

Issue

Did the trial court err in finding that the WRA was a real property interest binding upon Paloma?

Rule

The WRA was determined not to be a mortgage, equitable mortgage, or lien, but rather a royalty interest in real property.

Analysis

The court analyzed the nature of the WRA and concluded that it did not function as a mortgage or lien, as it did not secure a creditor's right to payment. Instead, it conveyed a royalty interest, which is a recognized property right, thus binding Paloma as a successor owner of the land.

The court analyzed the nature of the WRA and concluded that it did not function as a mortgage or lien, as it did not secure a creditor's right to payment.

Conclusion

The Court of Appeals affirmed the trial court's ruling, concluding that Jenkins held a valid real property interest through the WRA, which was binding on Paloma.

Who won?

Jenkins prevailed in the case because the court upheld the validity of the WRA, establishing it as a binding interest on Paloma.

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In re Marriage of Skaden, 19 Cal.3d 679, 566 P.2d 249, 139 Cal.Rptr. 615

Marks v. Whitney, 6 Cal.3d 251, 491 P.2d 374, 98 Cal.Rptr. 790, 3 ERC 1437, 2 Envtl. L. Rep. 20,049

Apple Computer, Inc. v. Microsoft Corp., 35 F.3d 1435, 63 USLW 2259, 1994 Copr.L.Dec. P 27,301, 32 U.S.P.Q.2d 1086

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Duffin v. Field, 208 Ky. 543, 271 S.W. 596