Salter

Salter v. Baker

Good Law
54 Cal. 140
Supreme Court of CaliforniaJuly 1, 1880No. 5,945California676 words

Opinion

lead Opinion

Departmentross, J.

In 1866, plaintiff and the defendant Baker purchased, for their joint benefit, the lands mentioned in the pleadings—the two contributing equally to the payment of the purchase-money. By mutual agreement between the parties, conveyances of the property were executed to Baker, who afterward, with plaintiff’s knowledge and acquiescence, obtained from the defendant, the Savings and Loan Society, loans to the amount of $19,000, *142 which were expended in the improvement of the property, and which were secured by trust deeds thereon executed by Baker to the defendants Burr and Dean, with power in them to sell, upon default in the covenants, to satisfy the debt, charges, etc., to make deeds to the purchasers; and providing for the payment of the surplus, if any, to Baker.

In addition to the sum above mentioned, Baber also obtained from the Savings and Loan Society, upon the same security, four thousand five hundred dollars; without plaintiff’s knowledge, which he appropriated to his own use. Two of the trust deeds have been satisfied, and two have not. Those remaining in force were executed January 16th, 1871, and November 17th, 1871, respectively, and when executed were duly…

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