Mix

Plaintiff appeals from a judgment of the superior court refusing to quiet title to real property encumbered by two mortgages barred by the statute of limitations at the time plaintiff purchased the property.

Facts

The facts of this case are undisputed. In 1927 Mr. and Mrs. Jaroscak, then owners of the real property involved in this action, negotiated a $350 loan at 7 percent annual interest from Mr. and Mrs. Sodd, defendants below. This loan was secured by the one-half lot involved in this suit, and became payable in 1930. In 1936 the Jaroscaks obtained a second loan of $595 at 7 percent interest from the Sodds. The second loan was secured by the same property, and became due in 1939. No payment has been made on either loan, nor has any demand for payment been made by the Sodds. The debts are now barred by the statute of limitations, Code of Civil Procedure section 337, which provides that no action may be brought upon any obligation founded upon an instrument in writing after four years.

As of August 1, 1977, nearly $18,600 was due on the two loans. Interest accrues at the rate of $3.56 per day. The value of the property as of August 1972, was between $1,000 and…