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ASSEMBLY BILL 1196 (JOHNSON 1993)

CHAPTER 724, STATUTES OF 1993 AB 1196

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As enacted Assembly Bill 1196 added Civil Code section 1058.5 and amended Civil Code sections 2924f and 2924h.  (See Exhibit #1g)  The bill affected these three sections only.  (Id.)  Assembly member Ross Johnson introduced the bill on March 2, 1993 at the request of the California Trustee's Association.  (See Exhibits #1a and #3, page 2) 

 

Following its introduction on March 2, 1993, Assembly Bill 1196 was heard by the Assembly Committee on Judiciary and the Assembly Committee on Ways and Means.  (See Exhibits #1a, #3, and #5)  In the Senate, the measure was considered by the Committee on Judiciary and the Committee on Appropriations.  (See Exhibits #2 and #7)  After being amended five times by the Legislature, Assembly Bill 1196 was forwarded to the Governor on September 21, 1993.  Governor Pete Wilson signed the bill on October 2nd, and it was recorded by the Secretary of State on October 4th as Chapter 724 of the Statutes of 1993.  (See Exhibits #1g and #2) 

 

Assembly member Ross Johnson described Assembly Bill 1196 in his letter to the Governor, stating:

 

AB 1196 changes certain Civil Code provisions relating to non-judicial foreclosures in order to balance the interests of lenders and property owners.  Specifically, the bill would allow recordation of a notice of non-acceptance of a deed in lieu of foreclosures, and a notice of rescission of trustee’s deed.  The practice currently varies from county to county, and this change is intended to provide for a uniform system for recording these documents. . . .  AB 1196 also provides that trustee’s deeds “relate back” to the date of the foreclosure sale if the deed is recorded within 15 days of the date of sale.  This provision resolves the problem that occurs when a bankruptcy is filed after the foreclosure sale is conducted and before the trustee’s deed is recorded.  The bill also makes a technical change relating to publication of foreclosure notices.

(See Exhibit #14, document A-2)