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CalAttorney2, Lawyer
Category: Real Estate Law
Satisfied Customers: 10244
Experience:  I am a civil litigation attorney with experience representing HOAs, homeowners, businesses and others in real estate matters.
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I have a municipal bond issued by the city of simi valley CA

Customer Question

I have a municipal bond issued by the city of simi valley CA cusip 828636CC2.
Im trying to get paid for the bond but cannot fidn out who to talk to. The City claims no responsibility since it is a "conduit bond" the original trustee was first interstate bank which was taken over by wells fargo. Wells Fargo claims to know nothing about it and gives me the idiot treatment. I havent been able to find an attorney who represents the bondholder. Can you help?
Submitted: 12 months ago.
Category: Real Estate Law
Expert:  Attyadvisor replied 12 months ago.
Welcome to JA and thank you for your question. I am on my iPhone and was asked to assist you. Please give me a moment for your question to load.
Expert:  Attyadvisor replied 12 months ago.
This is no doubt recorded against your property which you should be able to pull up through the recorder's office. It may be accessible on line. If I could see the recorded document I would be able to get you headed in the right direction. Let me see if I can pull up the link for you and there may be a way to check online.
Expert:  Attyadvisor replied 12 months ago.
Expert:  Attyadvisor replied 12 months ago.
Was this the C4 Bond. No wonder you are having issues the legislators in the State are having real issues with conduit bonds and point the finger at the State auditor.
Expert:  Attyadvisor replied 12 months ago.
It would be my pleasure to continue to research this because now I am curious to find out the answer. The State Auditor may be the starting point. Again there is no doubt recorded evidence.
Expert:  Attyadvisor replied 12 months ago.
Expert:  Attyadvisor replied 12 months ago.
This is a link for the State Auditor. I am going to research this further.
Expert:  Attyadvisor replied 12 months ago.

I am going to confer with a CA attorney on the site and have him respond to you. Thank you.

Expert:  CalAttorney2 replied 12 months ago.

Dear Customer,

Thank you for using the forum. My name is ***** ***** I hope to assist you today.

These bonds are contracts, much like any other contract, however they carry several guarantees (likely what attracted you to this particular financing vehicle in the first place).

To enforce these contracts when the other party is unwilling to perform their obligations (such as pay out under the bond terms) - like any other contract - you have the remedy to sue them in state court for "breach of contract".

It appears that you have identified the appropriate successor in interest for your bond holder already (the bank issuing the bond closed and was purchased by a subsequent bank - this subsequent bank is the successor in interest and is entitled to any benefits of the contract, as well as liable for all obligations (such as paying out under the bond terms)). You would name this entity as your defendant in the lawsuit.

I understand you are having some trouble identifying a law firm that is willing to handle your case - this is a somewhat nuanced area of law, although it is really not that complicated a case. Most general civil litigation attorneys can handle this kind of matter, but if you can look for attorneys that have some experience with "municipal law" or "government contracts" law experience you will probably have better luck finding an attorney willing to take on the case (I know that there are many attorneys in Ventura as well as in the greater Los Angeles area that can handle this kind of matter - it may take a little bit of work to find one (do not hesitate to turn one down if the first one you talk to willing to take the case does not seem appropriate to you - you are going to be working with this attorney for a long time, do not accept a bad fit simply because they are the first attorney to say "yes", you can always tell them "not right now" and they will always be willing to take the case later).

Short of filing a lawsuit, you can try to mediate the dispute with them - contact your local bar association and request referrals to mediators, a third party neutral can often help you reach a mutually agreeable resolution. Use the bar association's referrals to contact a mediator or two, the mediator will then contact the other party to set up a mediation session, and you can go from there - hopefully resulting in a formal or written settlement agreement, and save yourself the time and expense of litigation.

Your attorney should be able to help you with this process (I wouldn't recommend approaching a mediation on this particular issue without counsel, but you can if you choose to do so).

You can find local attorneys using the State and local Bar Association directories, or private directories such as;; or (I personally find to be the most user friendly).

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