Bank of Italy v. Bentley
California Supreme Court
217 Cal. 644 (1933)
Bentley (defendant) issued a promissory note to the Bank of Italy (bank) (plaintiff). Bentley also issued the bank a deed of trust conveying a piece of real property to secure the note. Bentley defaulted on the note, and the bank sued Bentley to enforce the debt. After filing its action but before the matter was tried, the bank exercised its rights to sell the property conveyed by the deed of trust. The bank never amended its complaint to indicate that it sought only the portion of the outstanding debt not covered by proceeds of the sale. Bentley argued at trial that the bank’s action was premature because the bank filed the action before the bank had directed the trustees to sell the property to cover the debt. The trial court ruled in favor of Bentley, and the bank appealed.
Rule of Law
Holding and Reasoning (Shenk, J.)
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