Denise Moreno Ducheny
- Democratic
Author
Existing law authorizes an action for a deficiency judgment for the balance due upon an obligation for the payment of which a deed of trust or mortgage with power of sale upon real property or any interest therein was given as security, as specified. Existing law prohibits a deficiency judgment in any case in which the real property or an estate for years therein has been sold by the mortgagee or trustee under power of sale contained in the mortgage or deed of trust. This bill would prohibit a deficiency judgment under a note secured by a first deed of trust or first mortgage for a dwelling of not more than 4 units in any case in which the trustor or mortgagor sells the dwelling for less than the remaining amount of the indebtedness due at the time of sale with the written consent of the holder of the first deed of trust or first mortgage. The bill would provide that written consent of the holder of the first deed of trust or first mortgage to that sale shall obligate that holder to accept the sale proceeds as full payment and to fully discharge the remaining amount of the indebtedness on the first deed of trust or first mortgage. The bill would specify that those provisions would not limit the ability of the holder of the first deed of trust or first mortgage to seek damages and use existing rights and remedies against the trustor or mortgagor or any 3rd party for fraud or waste if the trustor or mortgagor commits either fraud with respect to the sale of, or waste with respect to, the real property that secures that deed of trust or mortgage. The bill would make these provisions inapplicable if the trustor or mortgagor is a corporation or political subdivision of the state.
Approved by Governor.
Chaptered by Secretary of State. Chapter 701, Statutes of 2010.
Enrolled. To Governor at 4 p.m.
Senate concurs in Assembly amendments. (Ayes 35. Noes 0. Page 4659.) To enrollment.
In Senate. To unfinished business.
Read third time. Passed. (Ayes 73. Noes 0. Page 6235.) To Senate.
Read second time. To third reading.
(Heard in committee on June 29.)
From committee: Do pass. (Ayes 10. Noes 0.)
From committee: Do pass, but first be re-referred to Com. on JUD. (Ayes 11. Noes 0.) Re-referred to Com. on JUD.
(Heard in committee on June 21.)
Hearing postponed by committee.
From committee with author's amendments. Read second time. Amended. Re-referred to Com. on B. & F.
To Coms. on B. & F. and JUD.
In Assembly. Read first time. Held at Desk.
Read third time. Passed. (Ayes 31. Noes 0. Page 3476.) To Assembly.
Read second time. To third reading.
From committee: Do pass. (Ayes 4. Noes 3. Page 3443.)
Set for hearing May 4.
From committee: Do pass, but first be re-referred to Com. on JUD. with recommendation: To Consent Calendar. (Ayes 11. Noes 0.) Re-referred to Com. on JUD.
From committee with author's amendments. Read second time. Amended. Re-referred to Com. on B., F. & I.
From committee with author's amendments. Read second time. Amended. Re-referred to Com. on B., F. & I.
Set for hearing April 7.
To Coms. on B., F. & I. and JUD.
From print. May be acted upon on or after March 5.
Introduced. Read first time. To Com. on RLS. for assignment. To print.
| Bill Text Versions | Format |
|---|---|
| SB931 | HTML |
| 02/02/10 - Introduced | |
| 03/15/10 - Amended Senate | |
| 03/25/10 - Amended Senate | |
| 06/01/10 - Amended Assembly | |
| 08/23/10 - Enrolled | |
| 09/30/10 - Chaptered |
| Document | Format |
|---|---|
| No related documents. |
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