Simons

This is a consolidated action involving the relative rights of mortgagee, beneficiary under a trust deed and mechanic’s lien claimants.

The facts necessary to an understanding of the controversy are set forth in the findings of the court. It appears that defendant W. L. Porterfield was, on October 14, 1915, the owner of certain real property in Long Beach, and on that day he and his wife executed a mortgage on the property in favor of Harry E. Martin for the sum of twenty-seven thousand dollars, which mortgage was - recorded October 20, 1915, and, on October 25, 1915, assigned by Martin to John Watry, the latter paying Martin the full amount of the note secured by the mortgage. Concurrently with the execution of the note and mortgage, Porterfield and wife also executed their note for ten thousand five hundred dollars, and secured payment thereof by a trust deed on the property; and on April 25, 1916, signed another note for one thousand dollars, secured by the same trust deed. On October 15, 1915, Porterfield entered into an agreement with Martin, by the terms of which the latter undertook to construct a building upon the premises covered by the mortgage and trust deed, and to…