BMP Property Development v. Melvin

Opinion

TODD, J.

BMP Properties (BMP) claims the trial court erred in concluding loans it made as part of a real estate trade were purchase money obligations, thus preventing BMP from seeking a deficiency judgment under Code of Civil Procedure 1 section 580b. BMP asserts the court, in so concluding, improperly relied upon two facts. First, because some of the funds advanced were not used to satisfy the purchase price, BMP argues the court cannot classify the obligations as purchase money. Second, because the land trade and loan agreement were handled by different escrows, BMP argues the court…