What is the test for obtaining a personal deficiency judgment against a lender who has a mortgage secured by a deed of trust?

California, United States of America


The following excerpt is from Western Sec. Bank, N.A. v. Beverly Hills Business Bank, 16 Cal.App.4th 974, 20 Cal.Rptr.2d 318 (Cal. App. 1993):

(1) Code of Civil Procedure section 726, subdivision (a), which allows only one action and one form of action for the recovery of a debt or enforcement of a right secured by a mortgage or deed of trust. The practical consequence of this limitation is that a creditor may not obtain a personal deficiency judgment against a debtor without first exhausting the security. (Pacific Valley Bank v. Schwenke (1987) 189 Cal.App.3d 134, 140, 234 Cal.Rptr. 298.)

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