De Nure Land & Investment Corp. v. Security First National Bank

The plaintiff commenced an action to obtain a judgment of declaratory relief. The defendants answered and after the trial findings were made in favor of the plaintiff. Contending that through errors of law the trial court did not grant it all the relief to which it was entitled, the plaintiff has appealed.

Heretofore' D. D. De Nure and Flora W. De Nure, his wife, were the owners of certain lands in Los Angeles. II. W. Genter and his associate desired to purchase the land, make certain improvements thereon, subdivide it and sell lots according to the subdivision. To carry out the plan the De Nures conveyed to the Pacific Southwest Trust and Savings Bank, the predecessor of the defendant Security First National Bank of Los Angeles. At the same time a declaration of trust was made in which the De Nures were named as the sellers, the bank as the trustee, and H. W. Genter and his associate as beneficiaries. Under the terms of the declaration of trust the De Nures were to be paid $66,250. Of that sum $15,000 was to be paid on the execution of the trust agreement and the balance was to be paid out of installments to be collected on the sales of lots. The beneficiaries agreed to grade…