Earp

In this case we hold that where the lease of a mobilehome park was intended to be security for payment of a debt, the lease was in effect a mortgage, and thus the lessee’s rights to accrued profits from operation of the mobilehome park were limited to the amount of the debt, plus interest. Doris N. Earp appeals from a judgment determining that she owed $290,656 plus interest to her former husband, Kenneth H. Earp, pursuant to her lease of the mobilehome park from Kenneth. We affirm.

A 1983 judgment of dissolution required Kenneth to pay Doris $723,341 plus interest to equalize the division of community property. Both parties appealed. In an unpublished decision, we modified the judgment to correct a mathematical error. (In re Marriage of Earp (Feb. 1, 1988) A024976.)

While the appeal was pending, Doris obtained and recorded a writ of execution on the mobilehome park. Kenneth asked Doris to stay her writ, and she indicated she would do so provided she would have adequate security. As a result, on June 30, 1987, the parties negotiated a five-year lease of the park to Doris. Under the terms of the lease, Doris paid the park’s operating expenses, assumed Kenneth’s insurance…