Taylor

Action to recover on a promissory note secured by a second deed of trust.

The question before this court is whether the second deed of trust executed by defendants in favor of plaintiffs and securing a promissory note is one for purchase money within the meaning of section 580b of the Code of Civil Procedure which would exempt defendants from any personal obligation to plaintiffs. We have decided that it was a purchase money deed of trust given to secure the note.

Plaintiffs, W. I. Jackson and Clara A. Jackson, seek to recover on a promissory note in the original amount of $7,000, dated February 25, 1965, executed by defendants, W. W. Taylor, Jr., and Barbara L. Taylor, as makers. The note was secured by a second deed of trust on two parcels of real property, both of which parcels have been sold pursuant to the power of sale provisions contained in first deeds of trust held by a third party lender. Defendants filed an answer in the action asserting as a defense that the note in question was secured by a purchase money deed of trust on real property and that, therefore, recovery was barred by the provisions of section 580b of the California Code of Civil Procedure. On December 6,…