Weirick

Plaintiffs appeal from an adverse judgment in a declaratory relief action to have a deed absolute on its face declared to be a mortgage. The sole question raised is whether the evidence supports the findings of the trial court.

Plaintiffs purchased 160 acres of unimproved real property in Fresno County from Bank of America, guardian of the estate of an incompetent person. The purchase price was $240,000. A down payment of $60,000 was made and 32 acres were deeded to plaintiffs. The balance of $180,000 was evidenced by a promissory note payable in four annual installments of $45,000 commencing in 1956, bearing interest at 5 per cent. A deed of trust covering the remaining 128 acres secured the indebtedness, and it provided for partial releases upon payment of the annual installments. One annual installment was paid and 32 acres were released, which left 96 acres still subject to the encumbrance.

Plaintiffs’ subdivision plans went awry and they were unable to meet the 1957 and 1958 annual payments. In June 1958 the Bank of America commenced foreclosure proceedings. Plaintiffs obtained extensions of time and negotiated to refinance or sell the property, without success until…