Shin
Dong Suk Shin v. Superior Court
Opinion
Opinion
Vogel, J.
Introduction
Korea First Bank (KFB) obtained a summary adjudication permitting it to obtain a judicial foreclosure and deficiency judgment against petitioners Dong Suk Shin, Byung Kook Cheon, and Jung Soon Cheon. Petitioners then applied to this court seeking a writ of mandate to vacate that ruling on the ground that KFB had violated the “one form of action” provision of Code of Civil Procedure section 726, subdivision (a) by obtaining a prejudgment attachment against Korean real property owned by petitioner Shin. We issued an alternative writ, stayed enforcement of the contested order, and set the matter for hearing. Having heard oral argument and reviewed the parties’ pleadings, we grant the requested relief.
Factual Background
On June 14, 1990, in Los Angeles, California, KFB loaned $9.6 million. Petitioners signed a promissory note secured by a deed of trust on California real property. Petitioners defaulted on the promissory note by failing to make interest payments for August 15, 1991, and each month thereafter. KFB elected to accelerate the note and demanded payment of the full principal with interest and late charges totaling $10,263,341.66.