Rose

Plaintiff sued for an accounting and for damages for the conversion of a note and deed of trust. The cause was tried by the court without a jury and went to judgment for the plaintiff upon the second cause of action. The defendant has appealed upon typewritten transcripts.

Briefly the facts are that plaintiff had placed in defendant’s hands the note and trust deed as collateral security for the payment of an independent obligation of a third party to the defendant. This transaction was covered by a collateral agreement under the terms of which defendant was authorized to credit payments made under the note to the independent obligation and was required to return the note and trust deed to plaintiff when that obligation was satisfied. Payments were duly credited under this agreement until July 8, 1930, when the indebtedness of the third party was fully paid. Defendant failed to return the note and deed to plaintiff but commenced an action against this plaintiff upon a separate obligation of plaintiff to defendant. An attempt was made to attach the note and deed but no valid levy was effected. Thereafter defendant obtained judgment against plaintiff, execution was issued, and the…