Urez Corp. v. Superior Court

This is a writ proceeding by which petitioner seeks to reverse the trial court’s denial of its motion to expunge a lis pendens on property which petitioner owns. The lis pendens was filed by real party in interest who, prior to the foreclosure sale in which petitioner acquired the property, held a second tmst deed securing a loan made to a former owner.

The real property involved in this action is an undeveloped parcel of land in Malibu. On June 22, 1977, a deed of tmst was recorded on the property to secure a $128,000 loan (tmst deed). At the time the tmst deed was recorded, the property was apparently owned by Catherine Mattox.

On March 2, 1978, a second deed of tmst (second) was recorded on the property to secure a loan of $31,600 made by Topa Thrift and Loan. This was subsequently assigned to R. Stuart Keefer (real party in interest).

In January 1980, Mattox, Steve Gannon and Ronald Yates formed a joint venture, called Mattox Associates, No. 1, into which Gannon and Yates each contributed $ 15,000, for the purpose of developing the property. Under their joint venture agreement Gannon and Yates agreed to pay amounts owing on the tmst deed should it become necessary…