Brock v. First South Savings Assn.

Opinion

SIMS, Acting P. J.

In this case we must decide which of two liens arising simultaneously out of a single transaction for the sale of real property—a vendor’s lien and a purchase-money deed of trust—has priority. We shall hold that under common law principles codified in the pertinent statutes, the purchase-money deed of trust prevails.

Plaintiff and respondent Harold A. Brock 1 sold the property in question to a corporation, but did not receive the full purchase price from the buyer; instead he accepted the buyer’s unsecured promissory notes for a part of the price, while the buyer…