American Securities Co. v. Van Loben Sels

This is an appeal from a final judgment in an action for the specific performance of the terms of trust deeds. The facts essential to an understanding of the contentions of appellants are as follows: On March 1, 1923, P. J. van Loben Seis executed his promissory note for $600,000 to the Mercantile Trust Company of California and to secure the same, and such additional advances as might be made, executed a trust deed covering 4,000 acres or more of land situated, in the counties of Sacramento, Yolo and Colusa. The name of the Mercantile Trust Company was subsequently changed to American Trust Company, and the American Securities Company was substituted as trustee. Advances were made until on February 14, 1928, the total sum secured by the deed of trust was $1,194,108.92. However, on March 3, 1927, P. J. van Loben Seis died and the real property mentioned, subject to the deed of trust, was distributed by a decree for that purpose to the appellant, Maurits Carel Constantyn van Loben Seis, who, together with his wife, on February 14, 1928, executed a new note for the above-mentioned sum of $1,194,108.92 in favor of the American Trust Company, and secured it, and such further advances…