1. (a) Mortgage or deed of trust foreclosed by judicial action is a sufficient change in ownership only:

   1. (1) After the period of redemption has passed and property has not been redeemed, or
   2. (2) Upon redemption when title vests in the original debtor's successor in interest.
2. (b) Deed of trust foreclosed by trustee's sale shall cause a reappraisal as of the date the right of possession vests in the purchaser.
3. (c) A transfer by a trustor in lieu of a trustee's foreclosure sale constitutes a change in ownership.

Note: Authority cited: Section 15606, Government Code. Reference: Sections 60 and 62, Revenue and Taxation Code.

History

1. Change without regulatory effect renumbering and amending former subsections 462(g)(1)-(3) to section 462.120 filed 5-11-94 pursuant to title 1, section 100, California Code of Regulations (Register 94, No. 19).