Falvey

Plaintiff Clayton Development Company, Inc. (Clayton), appeals summary judgment favoring defendants Michael and Christie Falvey (Falvey) on its action on a promissory note. Clayton contends the court erred in holding the action was barred by California antideficiency statutes. Clayton also attacks the attorney fee award favoring Falvey. We affirm.

I

For purposes of Falvey’s motion for summary judgment the parties stipulated:

In 1981 Falvey decided to buy a condominium as an investment from Ascot Park Associates (Ascot), a partnership in which Clayton was a partner. Ascot’s agent Krikorian said Falvey’s total investment would be “10% down” of the $105,000 total sales price and that Ascot would give Falvey “a second for 15% of the sales price” at 12 percent interest for three years with no payments due the first year.

Falvey was substituted as buyer in an existing escrow. To close the escrow, Falvey received a $78,750 loan from Pacific Federal Savings and Loan Association (Pacific Federal) and executed a note secured by a first trust deed in favor of Pacific Federal on the condominium.

Clayton and Krikorian arranged the transaction so Ascot would receive a second trust…