From: Charles Cox [mailto:charles@bayliving.com]
Sent: Friday, June 29, 2012 3:12 PM
To: Charles Cox
Subject: 1 lender 2 notes in Cal
In Bank of America v Mitchell (2012) 204 CA4th 1199, a lender, originally made two loans to the borrower, secured by first & second deeds of trust on the property, conducted a nonjudicial foreclosure sale on the first deed of trust after a default, and then – a year later – sold the second note to a third party, who sought to recover under it as a sold out junior, but was held barred from recovering under California’s complex antideficiency scheme. Attached is` my "Editor’s Take" on the decision in the CEB California Real Property Law Reporter of last month, which gives a brief history of the problems California attorneys confront in this area. (But stay tuned since an even more interesting variation just came down which I will report on next month
Roger Bernhardt, Professor of Law
Golden Gate University
536 Mission Street
San Francisco CA 94105-2968
Bank of America v Mitchell.doc
BofA v Mitchell.docx
The Hedge 