What is the test for protecting the rights of a first-in-time lender?
California, United States of America
The following excerpt is from Secured Financings, LLC v. Bristol Holdings, LLC, E069148 (Cal. App. 2019):
"The situation here is analogous to that in Gluskin v. Atlantic Savings & Loan Ass'n (1973) 32 Cal.App.3d 307[,] where the court held that public policy considerations warrant protecting the rights of a subordinating seller (or other first-in-time lender) who willingly agrees to take a junior position in reliance on the fact that the proceeds of the
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