Under California Civil Code §2924g, how must a trustee conduct a non-judicial foreclosure sale?
Correct Answer
B) As a public auction open to all bidders at the location specified in the Notice of Sale
California Civil Code §2924g requires that a trustee's sale be conducted as a public auction, open to all bidders, at the time and place specified in the Notice of Trustee's Sale. The property is sold to the highest bidder, ensuring transparency and competitive pricing.
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Related Topics & Key Terms
Key Terms:
Related Concepts
TILA is a federal law that requires lenders to disclose the true cost of credit to borrowers, including the annual percentage rate (APR), total finance charges, and loan terms. It is implemented by Regulation Z.
A trustee sale is a type of foreclosure where a trustee, appointed under a deed of trust, sells the property at auction to satisfy the debt.
Usury is the practice of charging an interest rate that exceeds the maximum rate permitted by state law. Usury laws protect borrowers from excessive interest charges on loans.
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