Nomellini Construction Co. v. Modesto Savings and Loan Association

275 Cal. App. 2d 114 (1969)

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Nomellini Construction Co. v. Modesto Savings and Loan Association

California Court of Appeal
275 Cal. App. 2d 114 (1969)

Facts

A piece of real property was encumbered by several deeds of trust. Nomellini Construction Company (Nomellini) (plaintiff) held a third deed of trust on the property. Modesto Savings and Loan Association (Modesto) (defendant) held a first deed of trust. The owner of the property defaulted on all his obligations, and Modesto directed the trustee under the first deed of trust to hold a nonjudicial foreclosure sale. The trustee’s notice of sale explicitly provided that there was to be a public auction and that the trustee would accept the highest cash offer. At the sale, a third party offered $68,000 in cash. Nomellini offered $65,000 in cash and attempted to supplement its offer by credit bidding an additional $10,000 based on debt owed to Nomellini. The trustee accepted the $68,000 all-cash offer. Nomellini sued, arguing that its bid should have been accepted as the highest offer. The trial court granted summary judgment for Modesto, and Nomellini appealed.

Rule of Law

Issue

Holding and Reasoning (Pierce, J.)

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