Easton

This was an action to foreclose a deed of trust given by the respondent, Boston Investment Company, as counter-security to protect the Pacific Coast Casualty Company on a bond issued by it. Plaintiff is the assignee of the obligee in the bond. Judgment went in favor of the defendant, Boston Investment Company; denied to plaintiff the relief sought, and decreed that he had no right, title, or interest, lien, or claim in the subject of his attempted foreclosure. He appeals from this judgment.

The case was submitted to the trial court upon an agreed statement of facts, which showed that on December 2, 1912. one J. D. Gibbs was about to enter into a lease with Hale Bros. Incorporated affecting certain premises in San Francisco, in order to obtain which lease he was required to give to the lessor a bond in the sum of $5,000. To consummate the transaction four instruments were executed, all bearing the same date: The first was an agreement between the Investment Company and Gibbs, wherein it was recited that Gibbs was about to enter into the lease, and in order to secure the performance thereof the Casualty Company was about to execute its bond to the lessor; that it was agreed that…