Standard Dredging Co. v. Title Insurance & Trust Co.

This is an action brought by plaintiff, who is appellant herein, for money held by defendant Title Insurance and Trust Company, as a fund for the redemption of certain collateral trust notes, and to quiet title to the fund as against the other defendants. The collateral notes were issued by North American Dredging Company of Texas. The Title Insurance and Trust Company, a California corporation of Los Angeles, was the trustee holding the collateral by which the notes were secured, which were by their terms payable at the office of the Title Insurance and Trust Company in Los Angeles.

The complaint alleges that ever since the first day of January, 1915, the plaintiff has been the owner of seven of these collateral trust notes, which are numbered respectively 104, 105, 210, 211, 394, 428, and 565; that notes numbered 104, 105, 210, and 211 are for the principal sum of $1,000 each; that notes numbered 394 and 428 are for $500 each, and that note numbered 565 is for $125; that the aggregate amount of the principal and accrued interest of the seven notes is $9,000; that all of the notes have matured and that the defendant North American Dredging Company of Texas has deposited with…