In the latest ACMA Community Blog post, Fellow Ken Miller describes the historically destructive and deadly wildfire season in California in 2018. In the aftermath of the devastation, Miller advises lenders holding deeds of trust on commercial real property in the state to be well aware of California law when dealing with issues regarding the application of insurance proceeds.
Miller outlines recommended steps for lenders to follow after damage to or destruction of real property collateral has occurred, and cites the case of Schoolcraft vs Ross as an applicable court ruling in these situations.
"California law, when correctly applied, allows the well prepared real property lender valuable alternatives," Miller concludes.
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