Citrus State Bank v. McKendrick
California Court of Appeal
215 Cal. App. 3d 941 (1989)
Facts
Citrus State Bank (bank) (plaintiff) made a loan to William McKendrick (defendant) secured by a deed of trust on McKendrick’s real property. McKendrick had already executed several deeds of trust on the property, and the bank’s security interest was junior to the interests under the preexisting deeds of trust. McKendrick defaulted on one of his preexisting debts, and a senior creditor ordered a foreclosure sale. At the sale, the bank made the highest bid, which was less than the total value of the claims against the property. Over a year later, the bank was able to resell the property at a substantially higher price. The bank then sued McKendrick, seeking a deficiency judgment for the unpaid amount of McKendrick’s debt. McKendrick motioned for a nonsuit, arguing that § 580a of the California Code of Civil Procedure required the bank to bring its deficiency suit within three months of the foreclosure sale. The trial court granted the motion, and the bank appealed.
Rule of Law
Issue
Holding and Reasoning (Croskey, J.)
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