Existing law prohibits a deficiency judgment under a note secured by a first deed of trust or first mortgage for a dwelling of not more than 4 units in any case in which the trustor or mortgagor sells the dwelling for less than the remaining amount of the indebtedness due at the time of sale with the written consent of the holder of the first deed of trust or first mortgage. Existing law provides that written consent of the holder of the first deed of trust or first mortgage to that sale shall obligate that holder to accept the sale proceeds as full payment and to fully discharge the remaining amount of the indebtedness on the first deed of trust or first mortgage. Existing law specifies that those provisions would not limit the ability of the holder of the first deed of trust or first mortgage to seek damages and use existing rights and remedies against the trustor or mortgagor or any 3rd party for fraud or waste if the trustor or mortgagor commits either fraud with respect to the sale of, or waste with respect to, the real property that secures that deed of trust or mortgage. Existing law makes these provisions inapplicable if the trustor or mortgagor is a corporation or political subdivision of the state.
California SB 458 (20112012) — Mortgages: deficiency judgments.
Existing law prohibits a deficiency judgment under a note secured by a first deed of trust or first mortgage for a dwelling of not more than 4 units in any case in which the trustor or mortgagor sells the dwelling for less than the remaining amount of the indebtedness due at the time of sale with the written consent of the holder of the first deed of trust or first mortgage. Existing law provides that written consent of the holder of the first deed of trust or first mortgage to that sale shall obligate that holder to accept the sale proceeds as full payment and to fully discharge the remaining amount of the indebtedness on the first deed of trust or first mortgage. Existing law specifies that those provisions would not limit the ability of the holder of the first deed of trust or first mortgage to seek damages and use existing rights and remedies against the trustor or mortgagor or any 3rd party for fraud or waste if the trustor or mortgagor commits either fraud with respect to the sale of, or waste with respect to, the real property that secures that deed of trust or mortgage. Existing law makes these provisions inapplicable if the trustor or mortgagor is a corporation or political subdivision of the state.
Version chain
The bill's text revisions, in order — the diff chain from filing to enrollment.
SB 458 Corbett Consent Calendar Second Day — 62–0 (pass) · lower
Do pass, to Consent Calendar. — 9–0 (pass) · lower
Do pass and be re-referred to the Committee on Judiciary. — 8–0 (pass) · lower
Do pass. — 4–0 (pass) · upper
Sponsors
Corbett — primary (person)
Blumenfield — coauthor (person)
Correa — principal coauthor (person)
Skinner — coauthor (person)
Vargas — principal coauthor (person)
Timeline
The legislative action history — every referral, reading, and vote.
2011-02-16 Introduced. Read first time. To Com. on RLS. for assignment. To print. introduction, reading-1
2011-02-17 From printer. May be acted upon on or after March 19.
2011-02-24 Referred to Com. on JUD. referral-committee
2011-03-18 Set for hearing March 29.
2011-03-21 From committee with author's amendments. Read second time and amended. Re-referred to Com. on JUD. reading-2, reading-1, committee-passage, amendment-passage, referral-committee
2011-03-22 Set, first hearing. Hearing canceled at the request of author.
2011-03-29 Set for hearing April 5.
2011-03-31 Set, second hearing. Hearing canceled at the request of author.
2011-04-01 Set for hearing April 12.
2011-04-04 From committee with author's amendments. Read second time and amended. Re-referred to Com. on JUD. reading-2, reading-1, committee-passage, amendment-passage, referral-committee
2011-04-13 From committee: Do pass. (Ayes 4. Noes 0. Page 642.) (April 12). committee-passage, committee-passage-favorable
2011-04-14 Read second time. Ordered to third reading. reading-2, reading-1
2011-05-16 Read third time and amended. reading-3, reading-1, amendment-passage
2011-05-16 Ordered to second reading.
2011-05-17 Read second time. Ordered to third reading. reading-2, reading-1
2011-05-18 Ordered to special consent calendar.
2011-05-23 Read third time. Urgency clause adopted. Passed. (Ayes 39. Noes 0. Page 1068.) Ordered to the Assembly. reading-3, reading-1, passage
2011-05-23 In Assembly. Read first time. Held at Desk. reading-1
2011-06-02 Referred to Coms. on B. & F. and JUD. referral-committee
2011-06-21 From committee: Do pass and re-refer to Com. on JUD. (Ayes 8. Noes 0.) (June 20). Re-referred to Com. on JUD. referral-committee, committee-passage, committee-passage-favorable
2011-06-28 From committee: Do pass. Ordered to consent calendar. (Ayes 9. Noes 0.) (June 28). committee-passage, committee-passage-favorable
2011-06-29 Read second time. Ordered to consent calendar. reading-2, reading-1
2011-07-01 Read third time. Urgency clause adopted. Passed. (Ayes 62. Noes 0. Page 2163.) Ordered to the Senate. reading-3, reading-1, passage
2011-07-01 In Senate. Ordered to engrossing and enrolling.
2011-07-07 Enrolled and presented to the Governor at 11:30 a.m.
2011-07-11 Approved by the Governor. executive-signature
2011-07-15 Chaptered by Secretary of State. Chapter 82, Statutes of 2011.
Source
OpenStates / OpenCivicData bulk snapshot 2026-07-01; origin ocd-bill/f558badd-9dec-4839-8364-ff96bfbe319f. Confidence: reported (aggregated from official California legislature records).
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