In Frangipani v. Boecker (1998) 64 Cal.App.4th 860, Boecker purchased property from the Frangipanis, taking one lot subject to a purchase money trust deed in favor of Latimer. When Boecker defaulted on the payments to Latimer, the Frangipanis gave Latimer a new promissory note in return for his agreement to cancel a foreclosure sale. They sued Boecker to recover the amount of the new promissory note. The Court of Appeal held section 580b barred this action: "Frangipanis' theory would render the section 580b protection meaningless. If the deed of trust had been foreclosed by Latimer, he could not proceed against either the Frangipanis or Boecker for a deficiency, assuming there was a deficiency. Latimer could not have avoided that result by the simple expedience of pursuing the Frangipanis or Boecker personally without foreclosing. Since Latimer could not have pursued that course, neither can the Frangipanis.. . .Under Frangipanis' theory, the vendor would never foreclose and would never be concerned that the fair market value of the land was the sole means of recovering the property's sales price. That theory violates the legislative intent of section 580b . . . ." ( Frangipani v. Boecker, supra, 64 Cal.App.4th at pp. 864-865.)