Dodd

This is an appeal from a judgment in favor of the plaintiff and respondent for the principal sum of $10,000, with interest and attorneys’ fees amounting to $2,296. The action was in the nature of a suit in equity arising out of a transaction wherein, as the plaintiff in his complaint alleged, he placed certain securities in the hands of a certain copartnership doing business under the name of William F. Tebbetts & Company, and composed of said defendants, which said firm, upon the date thereof, executed their promissory note to the California Bank for the sum of $12,500, due 180 days after date, and deposited said securities with said bank as security for the payment of their said promissory note and thereupon received from said bank the sum represented by said note; that upon the maturity of said note the makers thereof failed, neglected, and refused to pay the sum due thereon, and that said plaintiff, in order to prevent the loss to him of said securities, was obliged to pay said note with the interest then due thereon and thereby became subrogated to the rights of said bank in and to said note and in and to the enforcement thereof; wherefore this action to recover from said…