California, United States of America
The following excerpt is from Commonwealth Mortgage Assurance Co. v. Superior Court, 211 Cal.App.3d 508, 259 Cal.Rptr. 425 (Cal. App. 1989):
Although the parties have not brought to our attention a California case dealing with a mortgage guaranty insurer who, having paid the claim of the lender after a nonjudicial foreclosure, seeks to obtain reimbursement for such payment from the debtor, we find the facts herein substantially similar in effect to those in Union Bank v. Gradsky (1968) 265 Cal.App.2d 40, 71 Cal.Rptr. 64, and conclude that the indemnity agreements herein are nothing more than attempts to recover a deficiency in violation of the antideficiency statute.
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