DeBerard Properties, Ltd. v. Lim
Supreme Court of California
976 P.2d 843 (1999)
Myo and Bun Lim (defendants) purchased a shopping center from DeBerard Properties, Limited (plaintiff) subject to two deeds of trust, one held by DeBerard and one held by a bank. The Lims struggled making payments and renegotiated the obligations accompanying each deed of trust. As a result of the renegotiation, DeBerard and the Lims signed a forbearance agreement under which the Lims waived the protections of California’s anti-deficiency statute in exchange for a reduced interest rate and reduced monthly payments. Further, DeBerard agreed to not foreclose and to subordinate its interest to that of the bank holding the other deed of trust. The Lims defaulted. The bank foreclosed and extinguished DeBarard’s subordinate interest. DeBerard brought suit on the promissory note. The trial court held that a debtor could waive the anti-deficiency statute as a matter of law and found in favor of the Lims. The California Court of Appeal reversed. The Lims appealed.
Rule of Law
Holding and Reasoning (Mosk, J.)
Concurrence (Kennard, J.)
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