Pfeiffer

While two separate appeals have been filed in this action, one from an interlocutory judgment and the other from a final judgment, both appeals depend upon the same state of facts, and by stipulation both appeals have been consolidated.

On March 26, 1926, the defendants were indebted to the Hammond Lumber Company, one of the plaintiffs herein. At that time, the defendants were exchanging certain real property owned by them in Los Angeles County for certain real and personal property situated in Imperial County. By agreement between the parties, the defendants caused the real and personal property in Imperial County which they were getting in this exchange, to be conveyed by deed and bill of sale, to the plaintiff L. Pfeiffer, to be held as security for the indebtedness owed by them to plaintiff Hammond Lumber Company, and said company released certain liens it had held on the Los Angeles property being traded by defendants. At the same time, all of the parties hereto signed a written contract which provided that the property in question should be conveyed to said Pfeiffer in trust, to be held as security for the payment of $40,002.17 by the defendants to the Hammond Lumber…