Arakelian

On April 6, 1915, Charles Murray and W. A. Jones and their wives were the owners of the lands in controversy situated in the county of Merced. On said date they executed and delivered to the Commercial and Savings Bank of Stockton a deed of trust covering said lands together with another small tract to secure a loan of ten thousand dollars. This deed of trust was recorded in said county on April 14, 1915. On February 17, 1916, this deed of trust was assigned by said hank to the First National Bank of Modesto. On May 12, 1916, the indebtedness secured by this deed of trust being due and unpaid, the lands which are the subject of this action were sold to W. N. Steele, then president of the last-named hank, for the sum of ten thousand six hundred dollars, the amount of the indebtedness. The proceedings under which this sale took place were found by the trial court to be entirely regular, and there is no dispute that they complied strictly with the requirements of the law. A trustees ’ deed was duly made to said Steele on said May 12th. One week later, on May 19th, Steele and wife conveyed said lands to plaintiff Harry Arakelian. The consideration paid therefor by said Arakelian was…