Adams

Mary Adams appeals from an adverse judgment in an action brought by Lucky Investments, Inc., to recover the balance alleged to be due and owing on each of three promissory notes executed by Adams. She contends that the trial court has entered a deficiency judgment of the sort prohibited by section 580b of the Code of Civil Procedure, which provides that “No deficiency judgment shall lie in any event after any sale of real property for failure of the purchaser to complete his contract of sale, or under a deed of trust, or mortgage, given to secure payment of the balance of the purchase price of real property. ...”

The questions to be decided on this appeal are (1) whether certain holding agreements are actually deeds of trust or the equivalent given by Adams to secure the notes here sued upon ; and (2) if so, whether those notes were given for the balance of the purchase price of real property. Adams contends that both questions must be answered affirmatively and that the judgment must be reversed in its entirety because recovery by Lucky on the notes is proscribed by the section quoted above.

The trial court received evidence of the transactions leading up to and culminating in…