Contracts
Nov. 21, 2012
Court carves out new exclusion to anti-deficiency laws
The ruling impacts how single lender piggyback loans that are intended to be sold should be structured. By Anita F. Sabine of O'Melveny & Myers LLP
A state Court of Appeal recently carved out a new exclusion from California's strict anti-deficiency laws that impacts how single lender piggyback loans that are intended to be sold should be structured and what defaulting borrowers under such loans should require under their loan documents and consider in the face of foreclosure. In Cadlerock Joint Venture, L.P. v. Lobel, the successor holder of a second lien deed of trust that was...
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