Venture v. Lobel

Opinion

IKOLA, J.

The trial court granted summary judgment to defendant William N. Lobel, reasoning that plaintiff Cadlerock Joint Venture, L.P. (Cadlerock), the assignee of a loan that had previously been secured by a junior real property lien, was barred by Code of Civil Procedure section 580d from obtaining a deficiency judgment against Lobel.1 The senior and junior liens at issue were created contemporaneously when the loan originator structured a “piggyback” refinancing transaction, whereby Lobel executed two separate promissory notes and two accompanying deeds of trust both referencing…