Robinson

Appellant is the assignee for the purpose of collection of a promissory note in the principal sum of $16,000 and given by the El Centro Grain Company to the Southern Trust and Commerce Bank, a San Diego bank. This note was secured by a deed of trust on real property and a chattel mortgage and bore on its face the signatures of - S. T. Marshall and Harry W. Horton. It also bore a written guarantee of payment signed by Harry W. Horton, Arthur C. Rath, S. T. Marshall, C. W. Horton, J. M. Lathrop, and C. G. WulfE. Prior to the arising of the issues presented here the Bank of Italy National Trust and Savings Association had succeeded to the interest of the Southern Trust and Commerce Bank.

The complaint in this action, after alleging the corporate existence of the two banks, the execution, indorsement, delivery and assignments of the note, makes the further allegation that the security for the note had been exhausted and that its principal sum had been partially paid. Judgment was sought against the makers and indorsers for the deficiency remaining, together with interest and attorneys’ fees.

The trial of this action was commenced on April 27, 1931. Findings of fact and conclusions…