California Court of Appeal
R.E. Loans, LLC v. Investors Warranty of America, Inc., B234384
In declaratory relief action in which plaintiff claimed that defendants breached a subordination agreement, summary judgment for plaintiff is reversed, where: 1) defendants did not breach the subordination agreement because plaintiff's trust deed is subordinate only to the $4,006,600 loan and nothing in the agreement prohibits the creation of the liens junior to plaintiff's trust deed; and 2) the agreement to cross-default the loans is between defendants and their borrower, and does not affect plaintiff's right to protect its interest by curing the default under the $4,006,6000 note.
Appellate Information
- Decided 01/23/2013
- Published 01/23/2013
Judges
- GILBERT
Court
- California Court of Appeal