Dreyfuss v. Union Bank of California
California Supreme Court
11 P.3d 383 (2000)
Union Bank of California (bank) (defendant) loaned Gilbert and Evelyn Dreyfuss (plaintiffs) money for their purchase of real estate known as the Peppertree, Clinton, and Lot 66 properties. All three loans were secured by deeds of trust that provided for nonjudicial foreclosure in the event of default. The Dreyfusses repeatedly defaulted on the Peppertree loan, and after several attempts to help the Dreyfusses refinance the loan, the bank finally decided to nonjudicially foreclose on the Peppertree property. The Peppertree sale realized less than the property’s fair market value and left a large balance on the Dreyfusses’ loan. The bank recouped that balance by nonjudicially foreclosing on the Clinton and Lot 66 properties. The Dreyfusses sued, contending that the bank should have obtained a deficiency judgment on the Peppertree sale before selling the Clinton and Lot 66 properties and that the bank should have credited the Dreyfusses with the Peppertree property’s fair market value. An appellate court affirmed the trial court’s grant of summary judgment for the bank. The Dreyfusses appealed to the California Supreme Court.
Rule of Law
Holding and Reasoning (Mosk, J.)
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