Valley Title Co. v. Parish Egg Basket, Inc.

Opinion

ROUSE, J.

Plaintiff Valley Title Company commenced an interpleader action, seeking a determination as to which of several defendants was entitled to certain surplus funds remaining following a trustee’s sale under a first deed of trust on certain real property. Two of. the named defendants, Parish Egg Basket, Inc. (hereafter “Parish”) and R. Cali and Bro. (hereafter “Cali”) filed answers and cross-complaints asserting their respective rights to the funds in question. The trial court rendered a judgment awarding the funds in question to Cali, and Parish has appealed.

The facts are undisputed and may be. summarized as follows: In 1965, Anselmo and Gaetana Azzaro and Frank and Velma Costantino were the owners of certain real property located in Santa Clara County. On June 25, 1965, the Azzaros and Costantinos executed a deed of trust in favor of Merlin and Janice Bohnett in the amount of $74,500. The deed of trust was recorded on July 1, 1965.

On August 16, 1967, declarations of homestead on the Santa Clara County property were executed by Anselmo Azzaro and Frank Costantino and recorded.

On'March 28, 1968, Parish recorded an abstract of judgment in the amount of $3,880.42 against the Azzaros and Costantinos.

On April 30, 1968, the Azzaros and Costantinos executed a promissory note in the amount of $4,093.49 in favor of Cali. The note was secured by a deed of trust on the Santa Clara County property, and said deed of trust was recorded on June 7, 1968.

In August 1969, Parish executed a partial release of its abstract of judgment in order to permit a sale of a portion of the Santa Clara County property. The Azzaros and Costantinos, in return, executed a deed of trust in favor of Parish on that portion of the property retained by them. The Azzaros and Costantinos agreed that the deed of trust was given as security

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for the payment of the abstract of judgment. The deed of trust was recorded on August 18, 1969.

In November 1969, Parish commenced foreclosure proceedings under its deed of trust, and on January 28, 1970, Parish purchased the property at the foreclosure sale.