Holmquist

These appeals presented in one record are by the defendant trustee in bankruptcy for California Land Buyers Syndicate, and by the defendants Fletcher and Haskell, from a judgment for the plaintiff in an action for the return of real property or for damages growing out of an alleged void stock sale transaction. The defendant California Land Buyers Syndicate went into bankruptcy after judgment was entered, and the defendant James D. Kent, as such trustee, was substituted in its place.

The stipulated facts form the basis of the trial court’s findings.

The plaintiff and her sister owned real property in San Diego consisting of lots A and B, block 191, Horton’s Addition, of the value of $160,000 encumbered by a mortgage in the sum of !$25,000. The defendant California Land Buyers Syndicate, a Delaware corporation, obtained a permit from the corporation commissioner of the state of California to sell and issue 24,569 investment shares and a like number of common shares in units of one investment share and one common share of $30 per unit, cash, lawful money of the United States. The syndicate was permitted to pay a selling commission of not to exceed twenty per cent. The business of…