ARTICLE 1 - Mortgages in General | Califonrnia Civil Code - CIV | Section 2924k.
2924k. (a) The trustee, or the clerk of the court upon order to the clerk pursuant to subdivision (d) of Section 2924j, shall distribute the proceeds, or a portion of the proceeds, as the case may be, of the trustee s sale conducted pursuant to Section 2924h in the following order of priority:
(1) To the costs and expenses of exercising the power of sale and of sale, including the payment of the trustee s fees and attorney s fees permitted pursuant to subdivision (b) of Section 2924d and subdivision (b) of this section.
(2) To the payment of the obligations secured by the deed of trust or mortgage which is the subject of the trustee s sale.
(3) To satisfy the outstanding balance of obligations secured by any junior liens or encumbrances in the order of their priority.
(4) To the trustor or the trustor s successor in interest. In the event the property is sold or transferred to another, to the vested owner of record at the time of the trustee s sale.
(b) A trustee may charge costs and expenses incurred for such items as mailing and a reasonable fee for services rendered in connection with the distribution of the proceeds from a trustee s sale, including, but not limited to, the investigation of priority and validity of claims and the disbursement of funds. If the fee charged for services rendered pursuant to this subdivision does not exceed one hundred dollars ($100), or one hundred twenty-five dollars ($125) where there are obligations specified in paragraph (3) of subdivision (a), the fee is conclusively presumed to be reasonable.
(Amended by Stats. 1999, Ch. 974, Sec. 12. Effective January 1, 2000.)Section: Previous 2924d 2924e 2924f 2924g 2924h 2924i 2924j 2924k 2924l 2925 2926 2927 2928 2929 2929.3 Next
Last modified: July 19, 2016