Hennigan

In March 1962 plaintiffs instituted a corollary action to recover money damages against Pacific Coast Title Insurance Company in the Superior Court of the County of Riverside, and caused the bank account of the title company to be levied upon pursuant to a writ of attachment. Following the levy, defendant and an associate executed a personal undertaking and bond for release of the funds held under attachment, and the personal bond was substituted as security in lieu of the bank account. In April 1963 plaintiffs obtained a judgment against the title company for principal, interest, and court costs due plaintiffs by the firm. The title company was evidently insolvent and plaintiffs initiated execution proceedings against the Insurance Commissioner of the State of California as liquidator of the title company, and the execution was returned unsatisfied. Plaintiffs then made demand upon the defendant and his cosurety for payment of the judgment and payment was not effected.

In June 1963 this action was instituted in the Superior Court of Riverside County to recover money damages from the defendant and his cosurety on the basis of the attachment release undertaking executed by…