Starley

Charles Victor Hall, being the owner of a tract of real property in San Diego County, conveyed it to the Southern Trust & Commerce Bank early in September, 1926, receiving back a declaration of trust providing that the bank should have power to subdivide and sell the property, to execute contracts of sales and conveyances, to receive all payments and to take steps for foreclosures and the like, that the bank was to make certain advances for the improvement of the property and providing for the payment to Hall of the net proceeds from time to time. Later, the property was conveyed to the Bank of Italy National Trust and Savings Association as successor to all the rights and obligations of the Southern Trust & Commerce Bank. On -December 21, 1927, a sales agent received from W. S. Starley and his wife a down payment of $50 in connection with four lots in this tract. A receipt was given reciting: “for an option to purchase” the lots “at the total price of $4,697.00 payable $50 cash herewith and $647.00 cash within 11 days from date hereof”, and the balance in installments. The receipt also stated that it was given “preliminary to the execution of a contract of sale”. On January 3,…