Hausen

The plaintiffs are the trustors under a certain deed of trust, and the defendants are named in said trust deed, trustee and beneficiary respectively therein. On April 12, 1935, defendant, the Consolidated Investment Company of Santa Barbara, the beneficiary named in said deed of trust, filed for record in the office of the county recorder of the said county, a notice of default stating that a breach of the obligation for which said deed of trust was security had occurred and of its election to sell said real property to satisfy said obligation. On July 12, 1935, plaintiffs filed in the Superior Court of the County of Santa Barbara, in which county the real property described in said trust deed is situated, a petition asking for the postponement of sale of said real property under said deed of trust. Said petition set forth the date when said notice of default was recorded and the other necessary facts required by the “Mortgage and Trust Deed Moratorium Act of 1935” (Stats. 1935, p. 1208), hereinafter referred to as the “Moratorium Act”, under and in pursuance of which said petition for postponement of sale was filed. The Moratorium Act was approved and went into effect as an…