Neumeyer

Plaintiff Sally Neumeyer, as executrix of the estate of A. G. Neumeyer, deceased (hereinafter Neumeyer), appeals from a judgment in favor of defendant Union Bank (hereinafter Union) in an action for breach of contract. The case was tried without a jury and the relevant findings of fact and conclusions of law of the trial court are as follows:

Under date of October 18,1965, Union entered into a written loan agreement with Bart and Beth Lytton, under which Union loaned the Lyttons $3,250,000 for a two-year period. The loan was secured by a pledge by the Lyttons of 325,000 shares of common stock of Lytton Financial Corporation, a pledge by various other accommodation pledgors of 9,500 additional shares of stock, and an accommodation pledge by Neumeyer of a junior note of Lytton Financial Corporation in the face amount of $500,000.

The Neumeyer pledge was reflected in a written letter agreement between Neumeyer and Union dated Octobr 11, 1965, and by a written “General Collateral Pledge Agreement” dated October 14, 1965. The latter agreement was expressly made subject to the terms and conditions of the letter agreement of October 11, 1965. The relevant provisions of the…