Does a trust or certificate of purchase money obligations need to be classified as a purchase money obligation?
California, United States of America
The following excerpt is from Ziegler v. Barnes, 200 Cal.App.3d 224, 246 Cal.Rptr. 69 (Cal. App. 1988):
7 We note the recent decision in BMP Property Development v. Melvin (1988) 198 Cal.App.3d 526, 243 Cal.Rptr. 715 where notes and trust deeds were classified as purchase money obligations even though a major portion of the funds was used for purposes extraneous to meeting the purchase price, i.e., "to pay real estate commissions, escrow fees, recording costs and ... personal obligations." ( Id., at p. 529, 243 Cal.Rptr. 715.)
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