FIRST COMMERCIAL MORTGAGE CO. v. REECE, B137132
The rule that a full credit bid operates as an admission by the bidding lender of the property-s value does not preclude a claim by the repurchasing lender that it suffered damages from the compelled repurchase as a consequence of the defendant-s misrepresentation or breach.
- Decided 05/31/2001
- Published 05/31/2001
- California Court of Appeal
- For Appellant:
- Severson & Werson, Jan T. Chilton, San Francisco, and Suzanne M. Hankins, for Plaintiff and Appellant.
- For Appellees:
- Chapin, Shea, McNitt & Carter and Neil Gunny, Orange, for Defendant and Respondent Donald R. Reece., Wiezorek, Rice & Dieffenbach, Steven C. Rice, Long Beach; and Herman Thordsen, Santa Ana, for Defendants and Respondents Andrade Financial and John Andrade.