Judge: Curtis A. Kin, Case: 24STCV21755, Date: 2025-02-06 Tentative Ruling

Case Number: 24STCV21755    Hearing Date: February 6, 2025    Dept: 86

APPLICATION FOR WRIT OF POSSESSION

Date:               2/6/25 (1:30 PM) 

Case:               The Huntington National Bank v. Fair Trading Corp. et al. (24STCV21755) 

TENTATIVE RULING:

Plaintiff The Huntington National Bank’s UNOPPOSED Application for Writ of Possession

is GRANTED. The Court finds that plaintiff has established the probable validity of its claim to possession of the property, namely, a 2024 Kenworth T680 (VIN 1XKYD49X3RJ266705), together with all attachments and accessories thereto.

On April 6, 2023, plaintiff The Huntington National Bank and defendant Fair Trading Corp. entered into a Loan Agreement (“Loan”), whereby defendant borrowed $200,000. (Shamblott Decl. ¶ 2 & Ex. 1 [Promissory Note].) The Loan was guaranteed by defendant Sasanka Godakanda Kankanamge. (Shamblott Decl. ¶ 4 & Ex. 3.) Pursuant to a Security Agreement executed by Fair Trading Corp., the Loan was secured by a first-priority security interest in a 2024 Kenworth T680 (“Collateral”). (Shamblott Decl. ¶ 3 & Ex. 2.) Under the Security Agreement, upon failure to make any payment on the Loan when due, plaintiff has the right to take the Collateral from defendant. (Shamblott Decl. ¶ 3 & Ex. 2 at ¶¶ 4(a) [“Event of Default” defined to include “[f]ailure to pay, when due, any payment of principal or interest on the Loan”], 5(b) [“Debtor grants to Secured Party the right to enter into or on any premises where Collateral may be located for the purpose of repossessing Collateral upon the occurrence of an Event of Default hereunder”].)

On or before April 1, 2024, Fair Trading Corp. defaulted in payment on the Loan. (Shamblott Decl. ¶ 7 & Ex. 5.) Fair Trading Corp. continues to be in default on the Loan. (Shamblott Decl. ¶¶ 8-10 & Exs. 6, 7, 9.)  Plaintiff has made demand for surrender of the Collateral and is entitled to its return. (Shamblott Decl. ¶¶ 8, 9 & Exs. 6, 7.)  There is probable cause to believe the subject property may be found at 4000 Cohasset Street, Burbank, CA 91505.  (Shamblott Decl. ¶ 11 & Exs. 2, 8.)

No undertaking is required. The amount owed ($217,802.29) exceeds the market value of the trailers ($159,900). (CCP § 515.010; Shamblott Decl. ¶¶ 10, 12 & Ex. 9.)

The Court further finds that a turnover order under CCP § 512.070 is warranted here.

The Court will sign the Proposed Order for Writ of Possession on Judicial Council Form CD-120, electronically received 11/19/24, after correcting Item 3c to reflect the actual property subject to the writ, as opposed to a “Poseidon T-Rex S Single Table CNC Fabrication Center.”