Judge: Elaine W. Mandel, Case: 24SMCV03940, Date: 2024-08-21 Tentative Ruling

Case Number: 24SMCV03940    Hearing Date: August 21, 2024    Dept: P

The court is inclined to GRANT the application.  Plaintiff made two loans for two separate properties.  The loans were guaranteed and secured by the properties.  The loan agreements had a provision allowing for the appointment of a receiver should there be a default.  Defendants have not made any payments on the loans, which are in significant default.  Moreover, the properties remain under construction.  Although largely built, significant work remains to be done before completion.  Finally, plaintiff alleges that defendants have abandoned the properties, meaning that there is no one there on site and the property is open and losing value.

Under those circumstances, the court believes an injunction is in order as is the appointment of a receiver.  And, because plaintiff’s showing is quite strong and there is little or no hardship to defendants, the court will require a bond of only $10,000 each from the receiver and plaintiff.  Given that, the court will sign the order.  The court notes that this is in the nature of a TRO, and therefore will be of only short duration.  The court will issue an OSC with a hearing date to be discussed at the hearing.

The court notes that it has drafted this order without having seen any opposition.  If an opposition is filed, the court will certainly consider it before this tentative becomes the order of the court.