Smith v. Piluso

Defendant Woodworth appeals from a decree of foreclosure of a trust deed securing a promissory note in the amount of $70,000. On appeal, he contends that plaintiff “waived” the right to foreclose for late payments without first giving him notice that, if he did not cure the default within a reasonable time, the trust deed would be foreclosed. We reverse.

On February 1, 1978, defendant executed a trust deed, under which plaintiff is beneficiary, to secure a note given to plaintiff for a parcel of land on Canyon Road. On June 26, 1979, in consideration of plaintiffs agreeing to subordinate its…