Toms

To the first question asked by appellants of their first witness, respondents objected on the ground that the complaint as amended (hereinafter referred to as the complaint) did not state a cause of action. This objection was sustained and thereafter a judgment of dismissal was entered. The objection was, in effect, a general demurrer to the complaint. (Moore v. Douglas, 132 Cal. 399 [ 64 Pac. 705 ].) The parties agree that the sole question for determination upon this appeal is whether the complaint states a cause of action.

The complaint- alleges that a named corporation, in December, 1921, had sold its bonds in the principal, sum of $1,500,000 in accordance with a- trust indenture, secured by its lands; that on May 29, 1926, $1,277,000 principal sum of said bonds was outstanding, which was subordinate to underlying liens of county taxes and bonds of certain reclamation and irrigation districts; that in May, 1926, the corporation was without cash and had defaulted in payment of the current installment of taxes, of interest on irrigation bonds, and of principal and interest on reclamation bonds; and that respondents at all times therein mentioned were the owners of the majority…