The 9th circuit stated that California anti deficiency laws did the following including "requring the debtor be credited with the fair market value of the secure property before be subjected to personal liability.
FindLaw for Legal Professionals - Case Law, Federal and State Resources, Forms, and Code: "Moreover, even if the creditor does rely on the security first, his right to a judgment against the debtor for any defi- ciency may be limited or barred by the anti-deficiency statutes found in SS 580a, 580b, 580d, or 726. See Walker v. Commu- nity Bank, 518 P.2d 329, 331 (Cal. 1974). The purposes behind these provisions are 'to prevent multiplicity of actions, to compel exhaustion of all security before entry of a defi- ciency judgment and to require the debtor to be credited with the fair market value of the secured property before being subjected to personal liability.' Id. at 333."
