West RADC Venture 2010-2 v. Indymac Venture CA4/1
This appeal involves a deed of trust with inconsistent descriptions of the property it encumbers and considers how that inconsistency impacts a priority dispute between two lenders.
In 2004, Frank Eder owned two adjacent undeveloped lots. One had a street address of 70 Royal Saint Georges, and the other, 68 Royal Saint Georges.
In two separate loans made the same day, Eder borrowed against each property. In several places, the deed of trust securing a $648,050 loan describes the encumbered property as 70 Royal Saint Georges, Rancho Mirage, California. However, on another page, the trust deed describes the property by legal description: Lot 16 of tract No. 25361, as shown in a certain map in the records of Riverside County. The problem is that the address and legal description do not match. There is no such property.
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