Initiative. Defines mortgage as contract, trust deed, or Instrument, here after executed, making specific real property security for performance without changing possession ; forbids power of sale therein ; declares same enforceable solely by Court action; requires action dismissed, and mortgage reinstated upon mortgagor paying, before Judgment, amount delinquent (other than by acceleration), costs and three months advance interest; prescribes notice before execution or foreclosure sale, and twelve months redemption period during which person in possession must pay rental specified by Court or surrender possession to execution purchaser, crediting same on judgment upon redemption ; permits Legislative amendments.
Popular Vote Results
Y: 484930; A: 25.9; N: 1386098; B: 74.1
Harry A. Goldman, Los Angeles; Philip O. Solon, Oakland; Hugh E. Macbeth, Los Angeles; Coleman E. Stewart, Santa Barbara; Charles H. Vance, Stockton
H. L. Carnahan, Formerly Lieutenant-Governor of California; William May Garland, Realtor; William H. McCarthy, President Home Value Protective League; Henry W. O'Melveny, Senior Member O'Melveny, Tuller & Meyers, Attorneys; George A. Schneider, Lecturer on Real Estate Finance, University of Southern California; Charles D. Roeth, President Northern California Building Congress
FORECLOSURE OF MORTGAGES AND TRUST DEEDS California Proposition 3 (1932).