American Exch. Bank v. Topp

Summary

The court reversed summary judgment for the bank in a deficiency action arising from trustee sales of property securing the guarantors' obligations. It held that the antideficiency statute applied because the guaranties were secured by the trust deeds, that the contractual waiver of the statute's protections was unenforceable as against public policy, and that evidence of assessed and previously appraised values created a genuine factual dispute over fair market value.