Savings Bank of San Diego County v. Central Market Co.
California Supreme Court
122 Cal. 28 (1898)
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
Holding and Reasoning (Temple, J.)
What to do next…
Unlock this case brief with a free (no-commitment) trial membership of Quimbee.
You’ll be in good company: Quimbee is one of the most widely used and trusted sites for law students, serving more than 684,000 law students since 2011. Some law schools—such as Yale, Berkeley, and Northwestern—even subscribe directly to Quimbee for all their law students.Unlock this case briefRead our student testimonials
Learn more about Quimbee’s unique (and proven) approach to achieving great grades at law school.
Quimbee is a company hell-bent on one thing: helping you get an “A” in every course you take in law school, so you can graduate at the top of your class and get a high-paying law job. We’re not just a study aid for law students; we’re the study aid for law students.Learn about our approachRead more about Quimbee
Here's why 684,000 law students have relied on our case briefs:
- Written by law professors and practitioners, not other law students. 42,800 briefs, keyed to 988 casebooks. Top-notch customer support.
- The right amount of information, includes the facts, issues, rule of law, holding and reasoning, and any concurrences and dissents.
- Access in your classes, works on your mobile and tablet. Massive library of related video lessons and high quality multiple-choice questions.
- Easy to use, uniform format for every case brief. Written in plain English, not in legalese. Our briefs summarize and simplify; they don’t just repeat the court’s language.