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GLENDALE FEDERAL SAV. AND LOAN ASS'N v. FOX

No. CV 77-3274-WMB.

481 F.Supp. 616 (1979)

GLENDALE FEDERAL SAVINGS AND LOAN ASSOCIATION, a federally chartered association, Plaintiff, v. David H. FOX, etc., et al., Defendants. FEDERAL HOME LOAN BANK BOARD, Cross-Claimant, v. Richard T. SILBERMAN, as Secretary of the Business and Transportation Agency of the State of California, Cross-Claim Defendant.

United States District Court, C. D. California.

As Amended June 26 and October 17, 1979.

Attorney(s) appearing for the Case

Evelle J. Younger, Atty. Gen., Joseph M. O'Heron, W. Gary Kurtz, Deputy Attys. Gen., Los Angeles, Cal., for plaintiff.

McKenna & Fitting, G. Howden Fraser, Terry O. Kelly, Los Angeles, Cal., for defendants.

ORDER

WM. MATTHEW BYRNE, Jr., District Judge.

A "due-on-sale" clause in a loan instrument provides the lender an option to declare immediately due and payable all of the sums owed to the lender if all or any part of the real property securing the loan is sold or otherwise transferred by the borrower without the lender's prior consent.1 This action involves the question whether state regulation of the validity and exercisability...

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