Walker v. Community Bank
California Supreme Court
10 Cal. 3d 729 (1974)
Facts
Diversified Enterprises, Inc. (DEI) took out a loan from Community Bank (bank) (defendant). As security, DEI issued to the bank both a chattel mortgage on DEI’s equipment and trucks and a deed of trust on a piece of real property. DEI defaulted on the loan. The bank then brought a foreclosure action on the chattel mortgage. Neither DEI nor the bank mentioned the deed of trust during the foreclosure proceedings. The bank secured a deficiency judgment in the foreclosure proceedings. DEI then sold the real property to Glenn Walker (plaintiff). The bank then filed a second foreclosure action on the real property pursuant to the deed of trust. Walker filed an action to quiet title and sought to enjoin any foreclosure upon the property. The trial court ruled in favor of the bank, and Walker appealed.
Rule of Law
Issue
Holding and Reasoning (Sullivan, J.)
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