Mr. Geiger bought some property in Sylmar. His deed was recorded on June 1, 1982. On July 8, Geiger deeded the property to GTB Properties, but GTB didn't record its deed at that time. On August 3, GTB executed a $51,888 trust deed in favor of Ms. McLaughlin. McLaughlin recorded her trust deed on August 10. Almost a year later, GTB sold the property to the Stapletons. The Stapletons borrowed $105,300 from Far West Savings, and executed a trust deed in favor of Far West. On July 1, 1983, the deed from GTB to the Stapletons and the Far West trust deed were recorded. On the same date, the old deed from Geiger to GTB was recorded for the first time. The next year, the Stapletons stopped making loan payments to Far West, and Far West foreclosed. At the foreclosure sale, Far West ended up acquiring title to the property. Shortly afterwards, McLaughlin (who had loaned money to GTB two years before) notified Far West that she was going to foreclose. GTB had never paid her, and she claimed her trust deed was still a lien against the property. Far West sued, asking the court for a declaratory judgment to