What is the test for applying the debt under the California Equity Rule?
California, United States of America
The following excerpt is from People Ex Rel Dept. of Transportation v. Redwood Baseline, Ltd., 149 Cal.Rptr. 11, 84 Cal.App.3d 662 (Cal. App. 1978):
These cases confirm our observation that whether the security transaction is to continue in force or has been or is to be immediately terminated is a factor crucial to the propriety of applying the debt [84 Cal.App.3d 678] equivalency rule. Cornelison v. Kornbluth, supra, 15 Cal.3d 590, 125 Cal.Rptr. 557, 542 P.2d 981, is consistent with this thesis.
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