Jones v. Sacramento Savings and Loan Association
California Court of Appeal
248 Cal. App. 2d 522, 56 Cal. Rptr. 741 (1967)
- Written by Alex Ruskell, JD
Facts
A property developer bought land with purchase-money loans and then took out construction loans from Sacramento Savings and Loan Association (defendant) to build houses on the property. Sacramento Savings issued the loans with instructions that subordination agreements were to be executed, but no agreements were ever completed. Both the purchase money and construction loans became delinquent, and M.H. Jones (plaintiff) bought up the defaulted purchase-money notes. Both Sacramento Savings and Jones then bid to buy the lots in competing trustee sales, believing that their own notes had superiority. Jones sued to quiet title, and the court ruled in his favor. Sacramento Savings appealed, arguing that it was entitled to relief either because Jones acted with unclean hands or was unjustly enriched.
Rule of Law
Issue
Holding and Reasoning (Friedman, J.)
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