California Code of Civil Procedure 694.050 – (a) Except as provided in subdivision (b), property levied upon, …
(a) Except as provided in subdivision (b), property levied upon, or property to be sold upon which foreclosure or other proceedings for sale have been commenced, prior to the operative date that would have been sold subject to the right of redemption under prior law shall be sold subject to the right of redemption and may be redeemed as provided by prior law.
(b) If the judgment creditor and judgment debtor agree in writing, property described in subdivision (a) may be sold as provided in this title rather than subject to the right of redemption.
Terms Used In California Code of Civil Procedure 694.050
- creditor: means the state or the department or agency of the state seeking to collect the liability. See California Code of Civil Procedure 688.040
- debtor: means the debtor from whom the liability is sought to be collected. See California Code of Civil Procedure 688.040
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Operative date: means July 1, 1983. See California Code of Civil Procedure 694.010
- Prior law: means the applicable law in effect on June 30, 1983. See California Code of Civil Procedure 694.010
- Property: includes both personal and real property. See California Code of Civil Procedure 17
- Writing: includes printing and typewriting. See California Code of Civil Procedure 17
(c) Property sold prior to the operative date subject to the right of redemption under prior law may be redeemed as provided by prior law.
(Added by Stats. 1982, Ch. 1364, Sec. 2. Operative July 1, 1983, by Sec. 3 of Ch. 1364.)