La Arcada Co. v. Bank of America

Plaintiff and appellant instituted an action against defendants and respondents for an injunction and declaratory relief to enjoin the sale of certain property pursuant to the terms of a certain instrument which appellant contends is a mortgage and respondents claim is a trust deed. The sale was made and plaintiff then, filed an amended and supplemental complaint seeking to have the instrument declared a mortgage with the consequent right of redemption; and also that if the court should find it was a trust deed that it should be set aside on account of certain irregularities therein.

The findings of the court foreclosed the consideration of the last point and the sole question before this court is whether or not the said instrument is a trust deed or a mortgage. The trial court found the instrument to be a trust deed. On November 1, 1925, Hattie G. Stockton executed what is called by the parties “Trust Indenture” on certain real property in Santa Barbara, California, to secure a bond issue of $475,000. The instrument is verbose and somewhat prolix, and entirely too long to be set out in this opinion, occupying, as it does, 103 pages of the supplement to appellant’s brief.

A deed…