Jovanovic v. Abel
Branislav Jovanovic and Marianne Steele (plaintiffs) brought the underlying action against 21st Century Mortgage Company (21st Century) and its individual investors[1] to enjoin the foreclosure of a multi-unit condominium project in Oakland that defendants had funded by a so-called hard money[2] loan in excess of $3 million. The trial court granted a temporary restraining order and then a preliminary injunction against defendants that was conditioned upon plaintiffs posting an undertaking of $90,000 to cover the attorney’s fees and monthly interest payments due to the defendants. Ultimately, the trial court found in favor of defendants, dissolved the preliminary injunction and granted the defendants’ motion to enforce plaintiffs’ liability on the bond pursuant to Code of Civil Procedure section 996.440. [3] Plaintiffs appeal, together with their surety, American Contractor Indemnity Company (ACIC), from the order granting the motion to enforce their liability on the bond. We affirm.
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