Arizona Land Advisors, LLC v. Studio City Lofts, Ll

2016 WL 3884865 (2016)

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Nature of the Case

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Facts

Lupypciw was the sole manager of D from June 2011 until July 17, 2012, when the other members removed him by amending the company's Articles of Incorporation. The next day D filed the amendment with the Arizona Corporation Commission. On February 4, 2013, Lupypciw signed an agreement with P for D, granting D a one-year exclusive right to sell a parcel of real property owned by D. The agreement did not condition payment of the 6% commission on P having introduced the buyer to the property. On February 6, D entered an involuntary bankruptcy. On July 1, 2013, the bankruptcy was resolved, but P was not a party. Pursuant to the settlement agreement, Lupypciw had the authority to sell or refinance the Real Property for a period of 60 days. D sold the property on September 27, 2013, without any help or involvement from P. P sued D for breach of contract. D was granted summary judgment, and P appealed. P argues D ratified Lupypciw's execution of the listing agreement when it agreed to the following provision in the bankruptcy settlement agreement: The Parties recognize and acknowledge that Lupypciw has been engaged in ongoing and active attempts to refinance or sell the Real Property. He remains optimistic that he will be able to sell or refinance the property within the next 60 days for an amount well in excess of $1.5 million.