Here is some information that useful because, 1) it is from an authoritative legal secondary source, 2) it references the relevant California Codes it is addressing which will help those wishing to perform further research. The question I have is whether the property can be used since real property is not one of the “acceptable securities” listed in CCP s 995.710(a), OR if it is allowed, whether it is restricted to California real property. Unfortunately, I am buried in school, and I will not be able to research this for weeks.
However, please note*, I have not read the latest pleadings, and so I don’t even know if these California Codes are the one upon which the WTS is relying. I am NOT familiar with California law (that’s why I am researching it), and there may be another Code/s that applies. Therefore, if these particular codes are not mentioned in their briefs, this information doesn’t apply.
In addition, I no longer think 144,001 is an attorney. If s/he were an attorney, he would have understood my post on Cedar’s other thread and would not have emotionally responded that I was trying to “goad” her/him into declaring if she/he is a lawyer. If one posts that ‘X is true,’ one needs to cite to authority. Attorneys never cite to themselves, and if one ever did cite to him or herself, they would have no problem saying that they know ‘X is true’ based on their career, which is all I asked of 144,001. However, attorneys are trained to cite to a legal authority. 144,001 does not do that. S/he merely posts conclusory statements (X is true), and then challenges others to ‘prove him wrong.’ Based on her/his actions, I suspect 144,001 is a paralegal or legal assistant that has some knowledge about California. Nevertheless, paralegals’ information should not be automatically discounted because they do tend to understand the law in which they work.
ACIVAPP CH. 7-C
Cal. Prac. Guide Civ. App. & Writs Ch. 7-C
California Practice Guide: Civil Appeals and Writs, Jon B. Eisenberg, Ellis J. Horvitz, and Justice Howard B. Wiener (Ret.) Chapter 7. Stays And Supersedeas
[7:96] Purpose: The security requirement is intended to provide monetary protection to a prevailing respondent: i.e., appellant’s security is essentially the "quid pro quo" for respondent's giving up the right to enforce the judgment. Through a bond or undertaking, a third person (surety) basically promises in writing to pay a sum of money to respondent on appellant's behalf should respondent prevail on appeal and appellant fail to comply with the affirmed judgment or order. "The statute [CCP s 917.1] is clearly designed to protect the judgment won in the trial court from becoming uncollectible while the judgment is subject to appellate review ... A successful litigant will have an assured source of funds to meet the amount of the money judgment, costs and postjudgment interest after postponing enjoyment of a trial court victory." [Grant v. Super.Ct. (Bank of America) (1990) 225 CA3d 929, 934, 275 CR 564, 568; Lewin v. Anselmo (1997) 56 CA4th 694, 700, 65 CR2d 682, 686; see also City of Lodi v. Randtron (2004) 118 CA4th 337, 362-363, 13 CR3d 107, 124]
(b) [7:113] Insurer's conditions to furnishing bond or undertaking: Admitted surety insurers charge a fee (or "premium") for a bond or undertaking, and also require appellant to supply them with some form of security. Depending on the size of the bond or undertaking and the type of appellant (e.g., an individual or a major corporation), the surety's annual premium can be as low as .25% or as high as 1% (or more) of the bonded amount. [See Rossa v. D.L. Falk Const., Inc. (2012) 53 C4th 387, 389, 394, 135 CR3d 329, 331, 335 (citing text)]
[7:116] Deposit in Lieu of Bond or Undertaking: A stay dependent upon giving a bond or undertaking can alternatively be secured by depositing cash or certain negotiable securities with the trial court. [CCP s 995.710; 7:191 ff.] This approach avoids the cost of obtaining security from an admitted surety insurer. A deposit given in lieu of a bond "has the same force and effect, is treated the same, and is subject to the same conditions, liability, and statutory provisions, including provisions for increase and decrease of amount, as the bond." [CCP s 995.730]
a. [7:117] Amount of deposit: The amount of the deposit (in cash or acceptable securities, below) must at least equal the amount that would be required of a bond or undertaking from an admitted surety insurer. (In the case of bearer bonds or notes, their market value is determinative; see P 7:194 ff.) [CCPs 995.710(b)]
b. [7:118] Acceptable securities: Appellant's deposit may be made, in whole or in part, by any of the following types of securities (CCP s 995.710(a)):
* Federal or California bearer bonds or notes (CCP s 995.710(a)(2) (see P 7:118.1));
* Certificates of deposit (not exceeding the federally insured amount) made payable to the court (CCP s 995.710(a)(3));
* Savings accounts (not exceeding the federally insured amount) assigned to the court (CCP s 995.710(a)(4));
* Savings and loan association investment certificates or share accounts (not exceeding the federally insured amount) assigned to the court (CCP s 995.710(a)(5)); and/or
* Credit union certificates for funds or share accounts (not exceeding the federally insured amount) assigned to the court (CCP s 995.710(a)(6)).
[7:134] Trial court discretion to order stay without undertaking to protect set-off (CCP s 918.5): If the judgment debtor (appellant) has another action pending on a disputed claim against the judgment creditor (respondent), the trial court has discretion to stay the appealed judgment or order without a bond or undertaking in order to protect the potential set-off. [CCP s 918.5; Airfloor Co. of Calif., Inc. v. Regents of Univ. of Calif. (1979) 97 CA3d 739, 741, 158 CR 856, 857]
In exercising its discretion under s 918.5, the court must consider:
* The likelihood the judgment debtor will prevail in the other action;
* The amount of the judgment creditor's judgment as compared to the amount of the judgment debtor's probable recovery in the other action; and
* The judgment creditor's financial ability to satisfy the judgment if a judgment is rendered against him or her in the other action. [CCP s 918.5(b)(1)-(3)
7:191] Procedure for Deposit in Lieu of Bond or Undertaking: Courts are permitted to prescribe their own terms and conditions for a deposit of cash or negotiable securities in lieu of a bond or undertaking on appeal (P 7:116 ff.). [CCP s 995.710(d)] Hence, the applicable procedure is likely to vary from county to county. The general rules below apply in all cases; but counsel should contact the trial court clerk for specific local procedures.
[7:192] Amount of deposit: The amount of the deposit must at least equal the amount that would be required of a bond or undertaking from an admitted urety insurer. [CCP s 995.710(b)]
[7:193] Cash or certain securities: The deposit may be made in cash or in statutorily-specified securities. [See CCP s 995.710(a); and P 7:118 ff
