People of California v. Glendale Federal Savings & Loan Ass'n

ORDER

WM. MATTHEW BYRNE, Jr., District Judge.

Plaintiffs, the People of the State of California (“the People”), acting through certain state officials, seek declaratory and injunctive relief prohibiting Glendale Federal Savings and Loan Association (“Glen dale Federal”) and Verdugo Service Corporation from exercising purported rights under provisions in their lending instruments commonly referred to as “due-on-sale” clauses. The due-on-sale clause provides the lender an option to declare immediately due and payable all of the sums owed to the lender if all or any part of the real property…