California Civil Code

§ 2924h

CIV § 2924h Effective Jan 1, 2025Div. 3 · Title 14 · Part 4 · Ch. 2 · Art. 1

Statute text

(a)Each and every bid made by a bidder at a trustee’s sale under a power of sale contained in a deed of trust or mortgage shall be deemed to be an irrevocable offer by that bidder to purchase the property being sold by the trustee under the power of sale for the amount of the bid. Any second or subsequent bid by the same bidder or any other bidder for a higher amount shall be a cancellation of the prior bid.

(b)At the trustee’s sale, the trustee shall have the right to require any of the following:

(1)Every bidder to show evidence of the bidder’s ability to deposit with the trustee the full amount of their final bid in cash, a cashier’s check drawn on a state or national bank, a check drawn by a state or federal credit union, or a check drawn by a state or federal savings and loan association, savings association, or savings bank specified in Section 5102 of the Financial Code and authorized to do business in this state, or a cash equivalent which has been designated in the notice of sale as acceptable to the trustee prior to, and as a condition to, the recognizing of the bid, and to conditionally accept and hold these amounts for the duration of the sale.

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Legislative history

Amended (as amended by Stats. 2024, Ch. 142, Sec. 4) by Stats. 2024, Ch. 601, Sec. 8. (SB 1146) Effective January 1, 2025. Repealed as of January 1, 2031, by its own provisions. See later operative version, as amended by Sec. 9 of Stats. 2024, Ch. 601.