Rice

This is an action to enjoin a sale under a trust deed made by Rice-Landswick Company to the defendant. Judgment went in favor of the defendant and the plaintiffs have appealed.

The plaintiffs are the trustees of Rice-Landswick Company, a defunct corporation. On May 2, 1914, said company, at that time in active existence, borrowed $2,000 from Joseph W. Thomas, executing and delivering to him its promissory note in that amount, secured by thirty-five shares of the preferred and seventeen and a half shares of the common stock of said corporation standing in the name of the Central Mortgage Company. On May 8, 1915, there was due as interest upon said note the sum of $142, at which time it was arranged that Joseph W. Thomas should lend to Rice-Landswick Company an additional $4,000, and take the corporation’s note for $6,241. This was done, the note for $2,000 being surrendered. To secure payment of the new note the corporation conveyed certain real property to the Union Trust Company of San Diego, and the Trust Company executed its declaration of trust to that effect.

On May 15, 1919, the Trust • Company gave notice of its intention to proceed to sell the said real estate to pay the…