In September of this year, Division One of the Arizona Court of Appeals set aside an order of the Maricopa County Superior Court which had dismissed a lawsuit filed by a bidder at a trustee’s sale in B.T. Capital v. TD Service Co. The latter served as the trustee and auctioneer at a trustee’s sale it had noticed at the direction of a secured lender.  B.T. Capital had made the winning bid at the trustee’s sale, but TD refused to deliver a trustee’s deed on the grounds that it, TD, had erred in its noticing of the sale, including stating an incorrect address, failing to notice a junior encumbrancer and including land in the legal description that was not subject to the deed of trust.  The Court of Appeals ruled that while a trustee has the power to postpone a sale for any reason, once the bidding begins, the trustee’s powers are restricted to selling to the highest bidder.  If the highest bidder defaults and does not pay within the time required by statute, the trustee can reopen the bidding or sell to the next highest bidder.  The deficiencies in the noticing of the sale could have formed the basis for an injunction against the sale, but no one filed for such an injunction prior to the sale. The Court of Appeals remanded the case back to the trial court to determine whether B.T.’s winning bid of $1,000,001.00 on property worth perhaps $36,000,000.00 should still be set aside for gross inadequacy of price.