Eich

Farm Land Investment Co. v. Eich

Good Law
220 Cal. 89·29 P.2d 416
Supreme Court of CaliforniaFebruary 13, 1934Docket Nos. Sac. 4734, 4735, 4736.California1,154 words

Opinion

Lead Opinion

Thompson, J.

The actions entitled as above were commenced by the owners of different parcels of land in Reclamation District No. 784 to enjoin the defendant as Treasurer of the County of Tuba and as trustee of the Bond Fund of the Reclamation District from selling the property and issuing deeds by himself, as trustee, to purchasers after default by the plaintiffs in the payment of installments of assessment on the land. Altogether there were 480 causes of action set forth in the three complaints. The basis of each complaint was that the defendant had estimated the sum necessary to pay that portion of the principal falling due on January 1, 1930, and the interest due at the same time, at too high an amount. To understand the contentions it is necessary to note that, in the year 1920, an assessment was levied against the land in the district for a total of $897,427.39. Bonds aggregating $834,000 were sold. On January 1, 1930, $90,000 of the principal became due and interest in the sum of $25,020. Concededly the defendant calculated those sums correctly. However, he then added to the total of these two amounts fifteen per cent thereof to cover possible delinquencies, making altogether $132,273.…

Sign in to read the full opinion

Create a free account to read the complete opinion text, citation history, and good-law status for this case.