Federated Mortgage Investors v. American Savings & Loan Association, 47 Cal. App. 3d 917 (1975)

Citation: Federated Mortgage Investors v. American Savings & Loan Association, 47 Cal. App. 3d 917 (1975)
Parent Document: Federated Mortgage Investors v. American Savings & Loan Association, 47 Cal. App. 3d 917 (1975)
Jurisdiction: California (state)
Effective Date: 1975-05-02
Original Source: https://www.courtlistener.com/opinion/2141949/federated-mortgage-investors-v-... ↗

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In January 1967, Eichler filed in bankruptcy and the bankruptcy count enjoined foreclosure by American and Federated. The bankruptcy court allowed Eichler to remain in possession but ordered him to pay all rents to American and American was ordered to pay operating expenses and apply the remaining balance to its first trust deed. In May 1967, the bánkruptcy court removed Eichler and substituted Coldwell Banker as manager as agent for American. Coldwell Banker managed the property, turning rents, issues and profits over to American after deducting operating expenses. Those funds which Coldwell Banker collected disbursed and remitted to American included security deposits made by tenants, all or some portion of which might be repayable to the tenants at the end of their leases depending on whether or not the tenants were guilty of any breach and if so, the amount thereof. It is the disposition of these security deposits which is the gravamen of this action. Federated claims that they amount to $31,895 and that American is obligated to pay Federated that sum. American denies that the correct sum of the security *920

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