Fagan v. Wells Fargo Bank
Plaintiff and appellant Barry Fagan appeals judgments of dismissal entered after the superior court sustained the demurrers of defendants and respondents Wells Fargo Bank, N.A. (Wells Fargo), American Securities Company, Ebert Appraisal Service, Inc. (Ebert) and T. D. Service Company (TD Service) to plaintiff’s’ second amended complaint without leave to amend. Fagan also appeals an order denying his motions for reconsideration of a previous order denying his discovery motions.
Plaintiff’s suit arises from a $1 million line of credit he obtained from Wells Fargo secured by his house in Malibu. He contends that the line of credit agreement and related deed of trust he executed are void and that Wells Fargo has no interest in the property because Wells Fargo allegedly transferred its interests in the loan to a third party. Plaintiff seeks a judgment relieving him of any obligation to repay Wells Fargo or any other entity the balance of the $1 million loan he received.
Plaintiff also seeks monetary damages on various grounds. His principal claim is that although he requested a $775,000 line of credit, he was defrauded into receiving a credit limit of $1 million as a result of Ebert’s appraisal of his property, which he contends grossly overstated its fair market value. Plaintiff also alleges that Wells Fargo and TD Services committed slander of title by filing a notice of default which they subsequently rescinded.
For reasons we shall explain, we conclude the trial court correctly determined that the second amended complaint fails to state facts sufficient to constitute a cause of action. We also conclude plaintiff has not met his burden of showing there is a reasonable possibility that he can cure the defects in his pleading and that has not meet his burden of showing the trial court abused its discretion in denying his motions for reconsideration. Accordingly, we affirm the judgments and the order.
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