California Civil Code 2924.6 – (a) An obligee may not accelerate the maturity date of the …
(a) An obligee may not accelerate the maturity date of the principal and accrued interest on any loan secured by a mortgage or deed of trust on residential real property solely by reason of any one or more of the following transfers in the title to the real property:
(1) A transfer resulting from the death of an obligor where the transfer is to the spouse who is also an obligor.
Terms Used In California Civil Code 2924.6
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Inter vivos: Transfer of property from one living person to another living person.
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- property: includes property real and personal. See California Civil Code 14
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- spouse: includes a registered domestic partner, as required by §. See California Civil Code 14
(2) A transfer by an obligor where the spouse becomes a coowner of the property.
(3) A transfer resulting from a decree of dissolution of the marriage or legal separation or from a property settlement agreement incidental to such a decree which requires the obligor to continue to make the loan payments by which a spouse who is an obligor becomes the sole owner of the property.
(4) A transfer by an obligor or obligors into an inter vivos trust in which the obligor or obligors are beneficiaries.
(5) Such real property or any portion thereof is made subject to a junior encumbrance or lien.
(b) Any waiver of the provisions of this section by an obligor is void and unenforceable and is contrary to public policy.
(c) For the purposes of this section, “residential real property” means any real property which contains at least one but not more than four housing units.
(d) This act applies only to loans executed or refinanced on or after January 1, 1976.
(Added by Stats. 1975, Ch. 850.)