Light

Continental Building & Loan Ass'n v. Light

Good Law
6 Cal. App. 684·92 P. 1034
Court of Appeal of CaliforniaOctober 23, 1907Civ. No. 390.California464 words

Opinion

Lead Opinion

Allen, J.

Action to recover balance due on note after proceeds of sale under a trust deed had been exhausted. Judgment for plaintiff, from which defendants appeal upon a bill of exceptions.

The trust deed executed by defendants to the Central' Trust Company as security for the payment of a promissory note of even date, made by defendants to plaintiff, contained the stipulation that in the event of a sale under said trust and the execution of a deed by the trustee, the recitals therein of any facts affecting the regularity or validity of such sale should be conclusive of all facts recited against the grantors in such deeds, and that the trust deed was security for the repayment of all moneys laid out and expended by virtue thereof, and for an attorney’s fee, to become due and payable upon default of any of the conditions of the trust deed; and that in the event of a sale, the trustee, out of the proceeds, should pay, first, the expenses of executing the trust, including counsel fees.

Upon the trial, the court admitted in evidence the deed of the trustee to the purchaser as evidence of the prerequisites to a valid sale. We find no error in this. The deed of trust made by appellants…

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