Rustam v. Golditch CA2/3

CourtCalifornia Court of Appeal
DecidedFebruary 19, 2016
DocketB260145
StatusUnpublished

This text of Rustam v. Golditch CA2/3 (Rustam v. Golditch CA2/3) is published on Counsel Stack Legal Research, covering California Court of Appeal primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Rustam v. Golditch CA2/3, (Cal. Ct. App. 2016).

Opinion

Filed 2/19/16 Rustam v. Golditch CA2/3 NOT TO BE PUBLISHED IN THE OFFICIAL REPORTS California Rules of Court, rule 8.1115(a), prohibits courts and parties from citing or relying on opinions not certified for publication or ordered published, except as specified by rule 8.1115(b). This opinion has not been certified for publication or ordered published for purposes of rule 8.1115.

IN THE COURT OF APPEAL OF THE STATE OF CALIFORNIA

SECOND APPELLATE DISTRICT

DIVISION THREE

MARDI A. RUSTAM, B260145

Plaintiff and Appellant, (Los Angeles County Super. Ct. No. EC061967) v.

BERNARD GOLDITCH,

Defendant and Respondent.

APPEAL from a judgment and post-judgment order of the Superior Court of Los Angeles County, Donna Fields Goldstein, Judge. Affirmed. Obagi Law Group and Zein E. Obagi, Jr., for Plaintiff and Appellant. Greenberg & Bass and James R. Felton for Defendant and Respondent. _________________________ Appellant Mardi Rustam filed the underlying action for usury and financial elder abuse against Bernard Golditch arising from a deed of trust attached to Rustam’s property. The subject deed of trust secured a loan between the individual who had sold the property to Rustam and Golditch. The loan accrued interest at 14 percent annually. The trial court entered summary judgment for Golditch on the grounds (1) the loan was exempt from usury law because it was arranged by a licensed broker, and (2) Rustam had no standing to assert usury because he was not the original borrower. Rustam filed a motion for reconsideration and motion for new trial, both of which were denied. The trial court awarded attorney fees to Golditch. Rustam appeals and we affirm. FACTUAL AND PROCEDURAL BACKGROUND 1. The Golditch Promissory Note Prior to 2008, Golditch worked for Martin Yacoobian, Jr. as an accountant, preparing Yacoobian’s tax returns. On December 8, 2008, Golditch’s business, Ontario Development Partners (Ontario), and Yacoobian entered into a promissory note whereby Ontario loaned Yacoobian $500,000 (the “Golditch Note”). The note reflected annual interest of 14 percent, which increased to 19 percent in the event of default. The debt was secured by a deed of trust on Yacoobian’s property located at 10701 Riverside Drive, North Hollywood, California (the “Property”). The Property was also subject to a senior deed of trust held by Manufacturer’s Bank, which secured a promissory note for $600,000 (the “Bank Note”). On April 6, 2009, Ontario assigned the junior deed of trust to Golditch. The assignment was recorded. Yacoobian then sold the Property to Rustam and promised to remain liable for both the Golditch Note and Bank Note. Rustam paid $500,000 for the Property. On March 13, 2009, a grant deed was recorded transferring ownership of the Property from Yacoobian to Athen Enterprises, a fictitious business name registered to Rustam. That same day, a third deed of trust was recorded providing that Yacoobian would pay all amounts due under the Golditch and Bank Notes. On August 3, 2010, Yacoobian filed for bankruptcy. On November 30, 2011, Manufacturer’s Bank recorded a notice of default on the Property. On May 8, 2012,

2 Rustam’s brother, Mohammed Rustam (Mohammed), purchased Manufacturer’s Bank’s first deed of trust. 2. The Payoff Action Golditch wanted to purchase the first deed of trust from Mohammed. When Mohammed refused to provide payoff information to Golditch, Golditch filed an action against Mohammed and Rustam seeking a payoff demand statement pursuant to Civil Code section 2943 (Payoff Action).1 Rustam filed a cross-complaint for declaratory relief as to the Golditch Note. Rustam also alleged that Golditch had fraudulently induced Rustam into purchasing the Property by preparing financial statements misrepresenting the financial strength of Yacoobian’s business entity. On June 18, 2012, Golditch recorded a notice of default on the Property. On February 4, 2013, Golditch recorded a notice of trustee’s sale. Rustam then applied for a temporary restraining order (TRO) in the Payoff Action to prevent the foreclosure sale on the grounds, inter alia, the Golditch Note was usurious. The court in the Payoff Action granted the request for a TRO and set the matter for hearing on a preliminary injunction. On March 15, 2013, the court denied the application for a preliminary injunction and dissolved the TRO.2 On May 2, 2013, Golditch, Mohammed and Rustam settled the Payoff Action. The written settlement agreement (Settlement Agreement) provided: “[Mohammed] will purchase the [Golditch Note] for $916[,]000 paid by cashier’s check(s) . . . [¶] [and] [u]pon deposit, acceptance and clearance of the funds at the bank chosen by [Golditch], [Golditch] will assign the note without representation, warranties or recourse, and deeds of trust on [the Property] and certain Acton lots to [Mohammed]. [¶] [The] [p]arties agree

1 Civil Code section 2943 defines a “payoff demand statement” as “a written statement, prepared in response to a written demand made by an entitled person or authorized agent, setting forth the amounts required as of the date of preparation by the beneficiary, to fully satisfy all obligations secured by the loan that is the subject of the payoff demand statement.” (Civ. Code, § 2943, subd. (a)(5).) 2 The record does not reveal the court’s reasons for these rulings.

3 to promptly file dismissals with prejudice of the [Payoff Action]. . . . [¶] [The] [p]arties release each other from any claims, liabilities, or causes of action with respect to the [P]roperty and agree to waive the rights and privileges under section 1542 of the California Civil Code . . . .” 3. The Present Action Approximately one and one half years later, Rustam filed the present action for usury and elder abuse against Golditch.3 The complaint omitted that Mohammed had purchased the Golditch Note; instead, it alleged that Rustam had “paid off” the Golditch Note in the amount of $916,000, which included $416,000 of interest charged at 18.79 percent. Both causes of action were based on the alleged usurious interest rate charged by Golditch. Golditch demurred on the ground that res judicata barred both claims because Rustam had “raised” the issue of usury in the Payoff Action. Golditch also moved for sanctions based on the alleged frivolous nature of Rustam’s claims. The court overruled the demurrer and held that the issues raised and parties involved in the Payoff Action were not identical with those in the present action. The court also denied the motion for sanctions on the ground the claims were not “objectively unreasonable.” Golditch answered the complaint, denying its allegations. Golditch then moved for summary judgment.4 Golditch first argued that Rustam did not have standing to allege usury because he was not the original borrower of the loan. Second, Golditch argued that the loan was exempt from usury law because it was arranged by a licensed broker. Third, Golditch argued that the sale of the Golditch Note to Mohammed was not subject to usury law because that transaction was not a loan or a forbearance agreement.

3 Ontario and Michael Narvid “d/b/a Ontario Development Partners” were also named as defendants and were later dismissed from the case. 4 Rustam also filed a motion for summary judgment, which the court denied. That ruling is not at issue on appeal.

4 In support of his motion, Golditch submitted evidence that a licensed broker, V.I.P. Trust Deed Company (V.I.P.), arranged the loan: V.I.P. obtained the loan application and related documents, V.I.P. procured the preliminary title report and “worked with the borrower and title company to obtain necessary documents to provide clear title,” “V.I.P. researched the subject property and interacted with the lender to provide them with proper documentation and to obtain loan funds,” “V.I.P.

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Rustam v. Golditch CA2/3, Counsel Stack Legal Research, https://law.counselstack.com/opinion/rustam-v-golditch-ca23-calctapp-2016.