Hayden

This appeal represents the latest chapter in a long legal struggle between two opposing groups of the members of Security Homes Estate, hereinafter referred to as Security Homes, a cooperative corporation. Plaintiff brought this action for an ‘‘accounting and moneys due.” From a judgment in his favor, defendants have appealed.

Security Homes was incorporated in September, 1944. It was contemplated that the corporation would buy land which would be subdivided into homesites and small farms and developed for the use and occupancy of its members on a cooperative basis. To that end, the corporation purchased a 462-acre tract of land in San Fernando Valley for $100,000. The initial payment consisted of $4,000 furnished by the members, and $21,000 of borrowed money. The balance of $75,000 was secured by a deed of trust. The $21,000 obligation was guaranteed by certain of the members. When the $21,000 note became due in May, 1945, the corporation was unable to pay it. However, it was extended by the lender to September 1, 1945, in order to give the corporation time to raise the money. Because of the financial difficulties of the corporation, various proposals were made from time to time…