Aetna Indemnity Co. v. Altadena Mining & Investment Co.

This is a suit for the foreclosure of a mortgage executed to secure the payment of a promissory note for the sum of $6,000.

The appeal is from the judgment foreclosing said mortgage upon the judgment-roll alone.

The facts as found by the court are as follows: On the sixth day of July, 1904, the defendant, Altadena Mining and Investment Syndicate (to which we shall hereafter refer as “the defendant,” inasmuch as the action was dismissed as to the fictitiously named defendants), executed to M. F. Fillmore and J. J. Smith its promissory note for the sum of $6,000, and at the same time executed and delivered to said Fillmore and' Smith, as security for the payment of said note, a mortgage upon certain lands and premises situated in Tuolumne county. Said mortgage was recorded in the office of the county recorder of Tuolumne county. The indebtedness for which said note was given was incurred some time prior to the execution of the note, and, in the language of the finding upon that point, “was represented by bonds evidencing indebtedness.”

Fillmore and Smith, payees of the note, were members of the board of directors of the defendant at the time of the execution of the note and…