FOR THE NORTHERN DISTRICT OF CALIFORNIA In re FOOTHILL OAKS, INC.,                                                                              No. 1-88-01336      Debtor. ___________________________/ RAYMOND A. CAREY, Trustee,      Plaintiff,    v.                                                                                                                      A.P. No. 91-1213 CARMEL FINANCIAL GROUP XXII,      Defendant. ______________________________/ Memorandum of Decision      The only issue in this adversary proceeding is whether a creditor secured by a deed of trust waives its security by obtaining a judgment against a guarantor of the note secured by the deed of trust. The law on this issue is very simply stated in Bernhardt, California Mortgage and Deed of Trust Practice (CEB 1990), at pages 406-07:
       The one-action rule is said to be for the benefit        only of the principal debtor and therefore not applic-        able to parties who are secondarily liable, such as        guarantors or sureties. Murphy v Hellman Commercial         Trust & Sav. Bank (1919) 43 CA 579, 185 P 485.
     Two cases cited by plaintiff, In re Madigan, 122 B.R. 103 (9th Cir.1991, and In re Tidrick, 105 B.R. 584 (Bankr.C.D.Cal.1989), are not applicable to these facts because both cases involved real property security owned by the guarantor. This case involves real property security owned by the debtor, not the guarantor. The other case relied upon by plaintiff, In re Pajaro Dunes Rental Agency, Inc., 142 B.R. 383 (Bankr.N.D.Cal.1992), is not applicable because in that case the note holder obtained a judgment against the maker of the note.      This memorandum constitutes the court's findings and conclusions pursuant to FRCP 52(a) and FRBP 7052.
Dated: December 7, 1992                                                                               _______________________                                                                                                                      Alan Jaroslovsky                                                                                                                      U.S. Bankruptcy