For the purposes of Division 3 (commencing with Section 3101) and Division 9 (commencing with Section 9101) of the Commercial Code, when a broker, acting within the meaning of subdivision (d) or (e) of Section 10131 or Section 10131.1, has arranged a loan or sold a promissory note or any interest therein, and thereafter undertakes to service the promissory note on behalf of the lender or purchaser in accordance with Section 10233, delivery, transfer, and perfection shall be deemed complete even if the broker retains possession of the note or collateral instruments and documents, provided that the deed of trust or an assignment of the deed of trust or collateral documents in favor of the lender or purchaser is recorded in the office of the county recorder in the county in which the security property is located, and the note is made payable to the lender or is endorsed or assigned to the purchaser.
Cal. Bus. & Prof. Code § 10233.2
Transactions in Trust Deeds and Real Property Sales Contracts
Known as the Real Estate Law
The act spans §§ 10000–10580 (368 sections).
Applied in 7 court decisions — leading case In Re: First Td Investment Inc
Most recently applied in De La Rochelle v. Woodbridge Grp. of Cos. (In re Woodbridge Grp. of Cos.) (October 2018)
Added by Stats. 1992, Ch. 158, Sec. 1
How often courts cite this section
Court decisions citing this, by year. The dip in the last several years is a data-coverage gap, not a real trend — our corpus holds fewer opinions from the most recent years, so recent citations are undercounted.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.