Walker v. Community Bank

10 Cal. 3d 729 (1974)

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Walker v. Community Bank

California Supreme Court
10 Cal. 3d 729 (1974)

  • Written by Daniel Clark, JD

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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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.
  • Security1. Money or other property given or pledged as a guarantee. 2. Documentation of the holder's security interest in a public or private body.
  • MortgageA lien against property that is given as security for a debt or other obligation and that is removed when the debt or obligation is satisfied.
  • Chattel MortgageA loan arrangement in which an item of movable personal property is used as security for the loan.
  • ForeclosureA creditor’s action to appropriate a debtor’s interest in property, so that proceeds from the sale or other disposition of the property can be applied to satisfying the debt.

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