Casady

This is an appeal from a summary judgment entered against defendants in response to a motion based on affidavits, pursuant to section 437c of the Code of Civil Procedure. The pleadings and the affidavits, the latter set forth in a bill of exceptions, present the following facts:

Defendants, on June 3, 1931, executed their joint and several promissory note to plaintiff in the sum of $98,500, in lieu of a note in a similar amount theretofore executed by defendant James N. Casady alone, which latter note had been secured by a pledge of 200 shares of stock of Transamerica Corporation and 450 shares of stock of Wilshire National Bank. At the same time and as part of the same transaction, a written agreement (hereinafter referred to as the agreement) was executed by plaintiff and accepted by defendant James N. Casady, which provided that plaintiff was to retain the shares of stock mentioned, and as additional security defendants would execute a junior mortgage to plaintiff on a parcel of business real estate (hereinafter referred to as aforesaid property), which aforesaid property was already encumbered by a first mortgage theretofore executed by defendants to the Northwestern Mutual…