James v. P.C.S. Ginning Co.
California Court of Appeal
276 Cal. App. 2d 19 (1969)
Mervin James (plaintiff), in exchange for promissory notes, took out loans from P.C.S. Ginning Company, Inc. (PCS) (defendant) to finance James’s farming operations. As security, James granted PCS personal property mortgages on his farm equipment and on a specified amount of James’s equity in his home. James later filed a declaration of homestead with respect to his home. James then defaulted on his payments to PCS. PCS elected to sue James to collect on the notes rather than bring a judicial foreclosure action. PCS obtained a default judgment and was granted a writ of execution. PCS held an execution sale at which it purported to purchase the home equity that had been subject to the mortgage. Shortly thereafter, James filed for bankruptcy and claimed bankruptcy’s homestead exemption. James then filed an action seeking a declaration that he had quiet title to his home free of any lien held by PCS. The trial court ruled in favor of James, and PCS appealed.
Rule of Law
Holding and Reasoning (Stone, J.)
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