Equitable Trust Co. of New York v. Western Land & Power Co.

This is an action to foreclose a deed of trust or first mortgage on lands in Lassen County made by defendant Power Company to plaintiff to secure a five hundred thousand dollar issue of first mortgage bonds of defendant Power Company, in two series'of one thousand and five hundred dollar denominations, respectively, as provided for •by deed of trust.

The trust deed was made July 15, 1911, and was recorded August 1, 1911. Pursuant thereto the Power Company issued 290 of the one thousand dollar bonds and 360 of the five hundred dollar bonds. The Power Company failing to pay the accrued interest, the majority bondholders requested the trustee to foreclose, and this action was instituted in compliance with that request.

September 20, 1912, appellant Anderson, having taken judgment against the Power Company for $671 on certain assigned labor claims, at execution sale thereunder bought the Powser Company’s equity of redemption in 280 acres of the land covered by the deed of trust, and, subsequently, April 27, 1914, conveyed an undivided half interest in the land so purchased to appellant Emily C. Dodge.

The action was tried September 1, 1916, and plaintiff had judgment foreclosing…