Dreyfuss v. Union Bank of California

Opinion

MOSK, J.

In this case, borrowers defaulted on a loan secured by separate deeds of trust on three parcels of real property. The creditor bank conducted a nonjudicial foreclosure of one property and then proceeded with serial foreclosure sales of the remaining properties; prior to each successive sale, it did not seek a judicial determination of fair market value of the property sold or purport to credit such amount to the debt.

We granted review to determine whether the bank thereby violated the antideficiency provisions of Code of Civil Procedure section 580a or 580d. There was no…