Wilson

On October 5, 1923, the plaintiff entered into a contract with the defendant Coffey to sell him certain land located in Los Angeles County at an agreed price of $35,000. By the terms of the contract $15,000 was to be paid in cash upon delivery of a grant deed together with a certificate showing good title and the balance of the purchase price was to be secured by defendant by executing a second mortgage upon the land. It was agreed that plaintiff and defendant would enter into an escrow for the execution of said agreement and that they would make the Title Insurance and Trust Company their escrow-holder for the purpose of carrying out the terms of their contract. It was further agreed that plaintiff would deposit with said title company a deed conveying said lands to the defendant and that said defendant would deposit with said company at once the sum of $5,000.

Accordingly the defendant on the fifth day of October, 1923, paid to and deposited with said title company the sum of $5,000 as payment to plaintiff upon the purchase price of said property. At about the same time plaintiff deposited with said title company for said defendant a deed duly executed in full compliance with…