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private sale, the Legislature achieved its purpose
without denying the creditor his election of remedies.
If the creditor wishes a deficiency judgment, his sale
is subject to statutory redemption rights. If he
wishes a sale resulting in nonredeemable title, he must
[forgo] the right to a deficiency judgment. In either
case the debtor is protected.’ [Id. at 990 (quoting
Reseleaf Corp. v. Chierighino, 378 P.2d 97, 102 (Cal.
1963)).]
Hence, the statute does not eradicate the possibility of personal
liability.
Nonetheless, the estate avers that “It is the near universal
practice in California to foreclose on a deed of trust through a
nonjudicial foreclosure under the power of sale” and that such
would be particularly appropriate in the case of property held by
the estate of a nonresident alien. From this proposition, the
estate concludes that “this entirely theoretical liability” does
not render the estate personally liable within the meaning of
section 20.2053-7, Estate Tax Regs. The estate also argues that
its position is supported by caselaw allegedly holding, in the
estate’s words, that “a secondary or remote possibility that an
estate might have personal liability for the amount of the
mortgage was not enough to establish it as a claim against the
estate under section 2053(a)(3).”
We disagree with the estate’s contention that “a practical
approach is mandated” in resolving the question at issue. As a
threshold matter, we note that the standard applied under section
2053(a)(3), relating to claims against the estate, is not
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