Cobb
Black Sky Capital, LLC v. Cobb
Opinion
Lead Opinion
McKinster, J.
*889 INTRODUCTION
Plaintiff and appellant Black Sky Capital, LLC, (Black Sky) appeals a summary judgment entered in favor of defendants and respondents Michael A. Cobb and Kathleen S. Cobb (the Cobbs).
On or about August 18, 2005, the Cobbs borrowed $10,229,250 from Citizens Business Bank. The note was secured by a deed of trust on a parcel of commercial real property in Rancho Cucamonga. On or about September 13, 2007, the Cobbs obtained a second loan from Citizens Business Bank, in the amount of $1,500,000, which was secured by a second deed of trust on *890 the same property. Black Sky purchased both notes from Citizens Business Bank for an undisclosed sum. After the Cobbs defaulted on the senior loan, Black Sky opted to conduct a trustee's sale under the senior deed of trust. It acquired the property on or about October 28, 2014 for $7,500,000. On November 4, 2014, after the Cobbs defaulted on the junior loan, Black Sky filed the suit which is the subject *795 of this appeal, seeking to recover the amount still owed on the junior note.
The Cobbs moved for summary judgment. Relying on Simon v. Superior Court (1992) 4 Cal.App.4th 63 , 5 Cal.Rptr.2d 428 ( Simon ), they…