Smith v. Central & Pacific Improvement Corp.

The plaintiff sued for sixty-five thousand dollars, and interest, alleged to be due to bim as the value of certain bonds which the defendant had undertaken to issue by the terms of certain interim certificates made and given by it to one W. W. Wilcox and assigned by Wilcox to the plaintiff. The plaintiff had judgment for the sum of $38,582.78 as principal and $4,331.04 as interest, the difference between the sum of these amounts and the amount sued for having been by the defendant credited to Wilcox in extinguishment of certain obligations due from him and one D. Johnston and charged to said certificates before receiving notice of such assignment. The plaintiff appeals.

The facts may be summarized as follows: The defendant was organized by several persons who at the time were members of an improvement club in the city of Los Angeles, known as the South Main Street Improvement Association, among them being R. H. Raphael, Andrew Beyrle, J. M. Carpenter, their attorney, Arthur Wright, and the secretary of the ■ club, C. R. McKeon. These persons were interested in improving the character of the business property in the locality indicated by the name of the club, and the immediate…