How a Junior Lien Can Survive Judicial Foreclosure | Patton Sullivan Brodehl LLP
Robin v. Crowell Steve and Marta Weinstein owned several parcels of vacant land, which they anticipated developing. Plaintiffs, including Cathleen Robin, loaned the Weinsteins $450,000 secured by a deed of trust on one of the properties. Later, without Plaintiffs’ knowledge, the Weinsteins and Defendant Al Crowell recorded a second deed of trust on the property securing a $250,000 promissory note for a loan from Crowell. The note between Plaintiffs and the Weinsteins permitted Plaintiffs to accelerate their loan in the event a tentative subdivision map for the development of the propert...
Source: jdsupra.com