Wong v. Beneficial Savings & Loan Ass'n

Opinion

PARAS, J.

This case involves the so-called "dragnet" or "other indebtedness” clause sometimes used in deeds of trust and other security agreements. Plaintiffs (Mr. and Mrs. Wong) appeal from a judgment after the trial court found defendants not liable for damages for their alleged wrongful refusal to accept plaintiffs’ tender of an amount sufficient to redeem four out of eight concurrently executed deeds of trust.

IA 1963, Mrs. Margaret Roerden constructed eight four-plex apartment buildings on land she owned in Rancho Cordova, a suburb of Sacramento. Financing was provided by Beneficial…