Loretz v. Cal-Coast Development Corp.

249 Cal. App. 2d 176 (1967)

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Loretz v. Cal-Coast Development Corp.

California Court of Appeal
249 Cal. App. 2d 176 (1967)

  • Written by Daniel Clark, JD

Facts

Cal-Coast Development Corporation (Cal-Coast) (defendant) purchased a motel from Edward Loretz (plaintiff). Cal-Coast covered a portion of the purchase price by issuing Loretz a $25,000 promissory note secured by a deed of trust on a different lot of real property. The deed of trust stipulated that the value of the lot was $8,000. Cal-Coast defaulted, and Loretz sold the lot under the deed of trust for $2,500. Loretz then brought an action to recover the remaining debt. In his complaint, Loretz argued that the note was secured only up to the stipulated $8,000 value of the lot and was unsecured as to the remaining $17,000. Accordingly, Loretz argued, California’s antideficiency statutes did not apply to the unsecured portion of the note. The trial court awarded Loretz a deficiency judgment, and Cal-Coast appealed.

Rule of Law

Issue

Holding and Reasoning (Devine, J.)

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Casebooks

Real Estate Transactions

Key Terms

  • Deed of TrustA deed that transfers legal title in property to a trustee as security for the debt of a borrower, who retains equitable title.
  • Secured CreditorA creditor who has the legal right, upon the debtor’s default, to proceed against collateral which can then be applied to satisfaction of the debt.
  • Deficiency JudgmentA judgment that a debtor owes the creditor whatever balance that the court determines remains on the debtor’s debt once the creditor has attempted to satisfy that debt by foreclosing on and selling the debt’s collateral.
  • Right of RedemptionThe right to reclaim collateral that was repossessed by a creditor if certain conditions are met, such as repaying the loan in full.

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