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R.E. LOANS, LLC v. INVESTORS WARRANTY OF AMERICA, INC.

No. B234384.

212 Cal.App.4th 1432 (2013)

151 Cal. Rptr. 3d 799

R.E. LOANS, LLC, Plaintiff, Cross-defendant and Respondent, v. INVESTORS WARRANTY OF AMERICA, INC., et al., Defendants, Cross-complainants and Appellants.

Court of Appeals of California, Second District, Division Six.

January 23, 2013.

Attorney(s) appearing for the Case

Buchalter Nemer, John L. Hosack and Robert M. Dato for Defendants, Cross-complainants and Appellants.

James P. Ballantine for Plaintiff, Cross-defendant and Respondent.

OPINION

GILBERT, P.J. —

Several loans on real property may be secured by a single deed of trust and cross-defaulted, that is, a default on one will be a default on all. Here we conclude that unless the parties otherwise agree, the priority of the loans does not change.

Plaintiff agreed to subordinate its existing trust deed to a new trust deed in favor of defendants securing a note in the amount of $4,006,600. Defendants'

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