In Independent Mortgage Co. v. Alaburda, the Court of Appeals in Phoenix ruled that a 10% interest in a time share was subject to the protection of Arizona’s anti-deficiency statutes. The lender had foreclosed via a Trustee’s Sale of the timeshare interest and then sought to obtain a deficiency judgment against the borrower. The Court of Appeals rejected the lender’s argument that because the borrower had limited rights of occupancy in the unit, that the unit did not qualify as a “dwelling”, which is what is required to receive the protection of the anti-deficiency statute. The Court of Appeals also disagreed with the lender’s argument that the 10% interest of the borrower also disqualified them from protection from the deficiency judgment, analogizing the timeshare interest to the limited interest of a condo owner in the common areas. Finally, the Court also disagreed with the lender that the transient use of the property for vacations disqualified the borrower, the Court noting that the anti-deficiency statute does not limit its protection only to dwellings used as full time residences.