Cortelyou

The contract, whose construction forms the basis of this litigation, consists of a grant deed, trust in structions, and a declaration of trust. There can be no question but that the parties intended these instruments to be read together as a single contract.

It will not he necessary to set forth the declaration of trust in full, but it is sufficient to say that it contains recitals of an indebtedness “from the payor” Cortelyou, to the “payee,” Vogel, and of a trusteeship upon the part of the Title Insurance and Trust Company and the provisions of trust; the manner in which it should he executed; a power of sale under certain conditions and directions for the distribution of the proceeds of sale and other • provisions usually found in trust agreements. Regarding the instruments mentioned as one, they constitute a deed of trust to secure the payment by Cortelyou of $10,450 with interest thereon at the rate of eight per cent per annum, and further advances to Vogel on or before the twenty-fourth day of April, 1917. If this instrument had been executed as an original contract no question would be made as to its validity, for deeds of trust have been upheld in California decisions.…