The court upheld the trial court's grant of a demurrer in favor of the lender without leave to amend, holding:
Since each assignment of deed of trust provided for the assignment "together with the note or notes therein described", it was not necessary to separately endorse the promissory note.
Physical possession of the note is not a precondition to nonjudicial foreclosure.
A notice of default does not need to be filed by the person holding the note. C.C. 2924(a)(1) permits a notice of default to be filed by the "trustee, mortgagee or beneficiary, or any of their authorized agents".
A notice of default (NOD) is valid even though the substitution of the trustee identified in the NOD is not recorded until after the NOD records.
California Land Title AssociationTel: 916-444-2647 Fax: 916-444-2851 Email:email@example.com Mailing Address: PO Box 13968, Sacramento, CA 95853-3968 Street Address: 1215 K Street #1816 Sacramento, CA 95814-3905