Banc of America Leasing & Capital, LLC v. 3 Arch Trustee Services, Inc.

Opinion

O’LEARY, J.

Defendant, 3 Arch Trustee Services, Inc. (Arch), conducted a nonjudicial foreclosure sale that resulted in excess sale proceeds. The sole issue raised on appeal is whether Arch had a duty to search for, verify, prioritize, and distribute the surplus funds to a junior lienholder, Banc of America Leasing & Capital, LLC (BofA), who had recorded a judgment lien against the property owner. We conclude the comprehensive statutory scheme regarding nonjudicial foreclosures (Civ. Code, §§ 2924-2924R) 1 clearly delineates the limited role and duties of a trustee in a nonjudicial…