Peto

Defendants and appellants George and Connie Peto (Petos) appeal from a judgment entered pursuant to a written stipulation in an action on a promissory note.

Plaintiff and respondent S.E.P. Associates, Inc. brought an action against appellants to enforce the collection of a promissory note dated May 12, 1972. Respondent also alleged a security interest in an Arabian horse owned by appellants. On September 19, 1973, just prior to trial, defendants’ counsel announced to the court that a settlement had been reached and requested a stipulated judgment. Thereafter, a stipulation for judgment was signed by counsel for both parties and filed with the court on October 4, 1973, the substance of which is as follows:

Without any further proceedings, judgment was entered on April 15, 1974. Respondents then levied execution upon appellants and the Sheriff of Los Angeles County sold three horses belonging to appellants, including the horse named in the stipulation for judgment.

Appellants’ motion to vacate and set aside the judgment, to quash writ of execution, and to vacate and set aside levy of execution was denied July 26, 1974.

Relying upon Rooney v. Vermont Investment Corp., 10…