Summary
In Western Security Bank v. Superior Court, supra, a divided panel held that, in light of Code of Civil Procedure section 580d's underlying public policy, a party who issued standby letters of credit to real property debtors as additional security for their lender could decline to honor the letters where the issuer learned the letters were to be used to discharge a deficiency existing after the lender had nonjudicially foreclosed on the property.
Summary of this case from MDFC Loan Corp. v. Greenbrier Plaza PartnersOpinion
1993.
REVIEW GRANTED
Reprinted without change in 26 Cal.App.4th 1441, to permit tracking pending review by the Supreme Court.