Vallely Investments, L.P. v. BancAmerica Commercial Corp.

Opinion

BEDSWORTH, J.

This case presents the question of whether a tenant who takes an assignment of a mortgaged ground lease, expressly assuming its obligations, remains liable to the lessor after foreclosure of the mortgage. Vallely Investments, L.P. (Vallely), the lessor, sued for a declaration that BancAmerica Commercial Corporation (BACC), the assignee, was bound by the lease. Vallely argues the trial court erred in granting summary judgment in favor of BACC, and it should have granted Vallely’s own motion for summary judgment. We agree, and reverse with directions that judgment be entered…