Savings Bank of San Diego County v. Central Market Co.
California Supreme Court
122 Cal. 28 (1898)
Facts
Savings Bank of San Diego County (Savings) (plaintiff) lent Central Market Company (defendant) $25,000 in exchange for a promissory note. Central Market granted Savings a mortgage on real property to secure the note. Central Market then granted a second mortgage on the property to another creditor. Central Market defaulted on its loan to the other creditor, who brought a foreclosure action. The creditor made Savings a defendant in the foreclosure proceedings, but Savings did not appear. A third party purchased the real property in the foreclosure sale and took title, extinguishing Savings’ security interest in the property. Central Market defaulted on its debt to Savings, and Savings brought a personal action against Central Market to collect on its debt. The trial court held that Savings’ exclusive remedy was foreclosure and that Savings’ failure to appear in the previous foreclosure action barred Savings from now pursuing a personal action. Savings appealed.
Rule of Law
Issue
Holding and Reasoning (Temple, J.)
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