Jones

I concur in the conclusion of the foregoing opinion.

However, I think the transaction, the completion of which appellant has sought to enjoin, cannot properly be termed a sale; it had amounted only to a contract to sell. While the distinction might not be material in the instant action, the inaccurate use of a legal word or expression often leads to confusion in subsequent cases. Opinions may be found

where the word “sold” has been loosely applied to transactions which had progressed no further than those in the present case, but they do not fit the definitions of the word as found in text-books, our Civil Code, or such cases as deal with it with care and accurateness. A “sale” is a contract by which, for a pecuniary consideration, called a price, one transfers to another an interest in property. (Civ. Code, sec. 1721.) Here the transfer had not been made, and the injunction was asked to prevent it. “An agreement to sell is a contract by which one engages, for a price, to transfer to another the title to a certain thing.” (Civ. Code, sec. 1727.) This is precisely what the contracting parties did.

A contract relative to land, binding the vendor to make a deed, is a mere…

Plaintiffs, who hold bonds issued by the defendant Sierra Verdugo Water Company, brought this action to set aside a trustee’s sale had under the deed of trust which had been given to secure payment of the bonds. The defendants Crescenta Mutual Water Company and Heilman Commercial Trust & Savings Bank filed, each of them, a general demurrer to the complaint. The demurrers were sustained. Plaintiffs, refusing to amend, appeal from the judgment which was entered in favor of the defendants after the order sustaining the demurrers.

The facts as set forth in the complaint are substantially as follows: On March 10, 1915, the Sierra Verdugo Water Company, a mutual water company incorporated under the laws of this state (hereinafter for brevity referred to as the Verdugo company), desiring to incur a bonded indebtedness of $150,000, authorized its secretary and president to issue 1,500 of its bonds of the denomination of $100 each, 100 of the bonds to be payable on December 31, 1918, and an additional 100 on the thirty-first day of December of each year thereafter, the bonds to bear interest at seven per cent per annum payable semi-annually. To secure the payment of these bonds the…