Irving

many years I. I. Irwin, the defendant, was in the banking business in San Diego, and since 1915 had been the confidential advisor of Mrs. Maria L. Connell in all her business transactions. During the year 1925 Mrs. Connell purchased from defendant certain bearer bonds of the Utah-Nevada Land & Livestock Company, a corporation, paying therefor the par value of $5,009, plus accrued interest. The payment of the bonds was secured by a mortgage or trust deed upon certain ranch property in Utah and Nevada. Prior to July 14, 1927, default in the payment of the interest on the bonds was made. Subsequent to the default the defendant, together with other bondholders, organized the United States Securities Corporation for the purpose of buying the assets of the Utah-Nevada Land & Livestock Company at a proposed foreclosure sale. Defendant called Mrs. Connell by telephone a few days prior to the fourteenth day of July, 1927, and asked her to call- at his bank. She went to the bank that same day where he requested her to deliver her bonds to him, orally agreeing to “guarantee” that she would lose neither principal nor interest thereon. She delivered the bonds pursuant to this request. On July…