Craven

The Dominguez Estate Company, a- corporation, was, on the twenty-first day of March, 1917, the owner of a large tract of land situated in the county of Los Angeles. On that day it executed and delivered a grant deed to all of said real property to the Title Insurance and Trust Company, a corporation. This deed was recorded on the day it bore date, and on the same day the Title Insurance and Trust Company executed a declaration of trust, stating that the real property was held in trust and setting forth the terms of said trust. This declaration of trust was not recorded. On March 20, 1920, and while said land stood of record in the name of the Title Insurance and Trust Company, the Dominguez Estate Company executed an oil and gas lease covering some 140 acres of the same land conveyed to the Title Insurance and Trust Company. This lease was executed in favor of defendant George F. Carson and was thereafter assigned and transferred to the defendant, the Carson Oil Company, and later by said company to the defendant, Joe Grail. This lease, however, was not recorded until October 26, 1921. On August 21, 1921, the Title Insurance and Trust Company executed a paper in which it ratified,…