Finance
Arizona's 'one-action rule' in mortgage enforcement means a lender:
ACan file only one lawsuit against a borrower regardless of the number of properties
BMust choose between foreclosing on the collateral OR suing on the note—generally cannot do both in a single action✓ Correct
CCan only take one property as collateral for each loan
DMust obtain a judgment before foreclosing
Explanation
Arizona's one-action rule (A.R.S. § 33-722) requires a lender to elect a single remedy—typically foreclosing on the collateral—rather than simultaneously suing on the promissory note and foreclosing.
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