Leyva
Leyva v. Superior Court
Opinion
Opinion
Morris, J.
Petitioners, Jesus V. Leyva et al., seek review of an order denying summary adjudication that assignments of fractional interests in promissory notes, secured by trust deeds, constituted securities.
Facts
On September 16, 1983, the superior court made and entered an “Order Re Class Certification.” The class certification order made the following finding: “The Complaint . . . alleges that the defendants [real parties in interest, Orange Coast Title Company and Title Insurance Company of Minnesota], with the intention to deceive or defraud, materially assisted Wayne Burton in [the] sale of what are allegedly fraudulent securities to the plaintiff class in violation of California Corporations Code section 25504.”
The original class certification order defined the class in part as parties who “purchased promissory notes from Wayne Burton . . . under his name or under the names of Universal Financial or California Equities Home Loan . . . which were ostensibly secured by the assignment of fractionalized interests in deeds of trust in which Burton identities were both the trustor and beneficiary . . . .”