MacIntyre v. City National Bank
Plaintiffs were high bidders of $430,100 at a nonjudicial foreclosure sale of real property. However, after the auction and before issuance of a new deed, defendants, the trustee, set aside the sale because there had been a procedural irregularity in the auction. ILS had improperly disqualified a bidder. ILS held a new auction and sold the property to Realty Advisors for $615,000. Plaintiffs sued ILS, along with City National Bank (CNB), the beneficiary under the deed of trust, alleging numerous causes of action to obtain the benefit of the first sale. The trial court, however, granted summary judgment in favor of ILS and CNB. It found that setting aside the first sale was proper as a matter of law under the undisputed facts presented. Plaintiffs appeal. They contend that setting aside the first sale was not proper and that the second sale was void because it was made too soon after expiration of a temporary restraining order. court affirm.
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