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Jessen v. Keystone Savings and Loan Association

142 Cal. App. 3d 454 (1983)

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Jessen v. Keystone Savings and Loan Association

California Court of Appeal
142 Cal. App. 3d 454 (1983)

Facts

Ray Jessen (plaintiff) was a real estate developer who developed a complex of condominium units that he intended to sell. Jessen financed the construction with a series of loans from Keystone Savings and Loan Association (Keystone) (defendant) secured by deeds of trust on several condominium units. Specifically, Keystone was the beneficiary of deeds of trust on four units owned by Jessen. Two of those units Jessen had already marketed for sale, including publishing prices. The other two units Jessen held to be personal investments, and Jessen had not marketed those units in any way. Disputes arose between Jessen and Keystone concerning the loans, leading to Jessen suing Keystone and to Keystone beginning foreclosure proceedings on Jessen’s four units. In his suit, Jessen sought both monetary damages and a permanent injunction preventing Keystone’s foreclosure. Jessen sought a preliminary injunction pending the ultimate outcome of the case. The trial court held hearings at which it heard testimony concerning the evidentiary basis for Jessen’s claims. The trial court denied the preliminary injunction, finding that any harm Jessen might suffer from a foreclosure ultimately ruled unlawful could be cured with monetary damages and that Jessen was unlikely to prevail on the merits anyway. Jessen appealed.

Rule of Law

Issue

Holding and Reasoning (Work, J.)

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