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We address another facet of the one-form-of-action rule of Code of Civil Procedure section 726. That section provides in part: “(a) There can be but one form of action for the recovery of any debt for the enforcement of any right secured by mortgage [or deed of trust[ ] upon real property, which action must be in accordance with the provisions of this chapter. ...” Notwithstanding this apparently clear and unambiguous language, California courts have interpreted this provision as giving the secured creditor entitled to a deficiency judgment an election of remedies. (Washburn, The Judicial and Legislative Response to Price Inadequacy in Mortgage Foreclosure Sales (1980) 53 So.Cal.L.Rev. 843, 927.) “[Wjhere the creditor sues on the obligation and seeks a personal money judgment against the debtor without seeking therein foreclosure of such mortgage or deed of trust, he makes an election of remedies, electing the single remedy of a personal action, and thereby waives his right to foreclose on the security or to sell the security under a power of sale. [Citations.]” (Walker v. Community Bank, supra, 10 Cal.3d at p. 733.)

The question here is whether the plaintiff Bank of…