Kreider

One John C. Thorn borrowed $5,000 from the defendant California Thorn Cordage, Inc., depositing as security for the loan bonds of the Central Counties Gas Company, having an aggregate value of $5,000. The loan was evidenced by the promissory note of said John C. Thorn, made payable to the order of the defendant California Thorn Cordage, Inc. The latter took the promissory note and itself borrowed $5,000 from the Citizens National Bank of Los Angeles, evidenced by its promissory note, depositing as security for such loan the Thorn note and the bonds deposited by him to secure his note. The note of defendant California Thorn Cordage, Inc., was assigned by the bank to Dr. Wilbur Smith, who, according to the Affidavit on attachment, had loaned the bonds to Thorn for the pur pose to which they were put. Smith, it appears, kept the bonds and assigned the note “without recourse” to plaintiff, who brought suit on the note and caused the property of defendant to be attached. The defendant moved the court, under section 556 of the Code of Civil Procedure, for its order discharging the writ of attachment. The motion was made on two grounds: “1. That the said writ of attachment was improperly…