California Court of Appeal January 25, 1999, F027349, F028879 (TRIPLE a MANAGEMENT CO. v. Frisone)

Opinion

VARTABEDIAN, J.

The assignee of a security interest in a deed of trust unilaterally signed an agreement subordinating the deed of trust to a subsequent deed of trust. Thereafter, the assignor paid its secured debt and the earlier deed of trust was reconveyed to it. When the trustor of the subsequent deed of trust defaulted, the assignor asserted its lien had first priority.