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2015 Commercial Law Developments, Prepared by the Business Law Section Commercial Transactions Committee for the 2015 Business Law Section Annual Report
II. Real Property Secured Transactions

  • Lehman Bros Holdings, Inc. v. PMC Bank (9th Cir. 2015) (unpublished) – California anti-deficiency full credit bid rule does not apply when person making the bid is not an agent of the secured party. [check bank name]

  • DM Residential Fund II, LLC v. First Tennessee Bank National Association, _ Cal.App.4th _ (2015) – A two-year delay in bringing a suit to rescind a real estate purchase deprived the buyer of the equitable remedy of rescission under California law. The buyer took actions during that period that were inconsistent with unwinding the contract, including encumbering the property, building improvements, and attempting to sell it.

  • Coker v. JPMorgan Chase Bank, N.A., _ Cal.4th _ (2016) – Code of Civil Procedure § 580b’s antideficiency protection applies when a defaulting borrower arranges a short sale. The borrower cannot waive that protection when agreeing to short sale.

III. Guaranties | Table of Contents