Alhambra Redevelopment Agency v. Transamerica Financial Services

Opinion

JOHNSON, J.

This appeal and cross-appeal arise from an eminent domain proceeding involving a property purchased by respondents Franchot F. and Juanita Fleming (the Flemings) under a land sales contract. Appellant Transamerica Financial Services (Transamerica) was the beneficiary of a trust deed on the property securing a loan Transamerica made to the seller of the property five years after the Flemings executed the land sales contract.

On appeal, Transamerica argues its security interest entitles it to a portion of the condemnation proceeds equal to the outstanding balance of the loan.…