MacMillan

Defendant appeals from the judgment herein, which declares inter alia that he has no right, title or interest in a certain $90,000 promissory note or the deed of trust securing its payment. The facts will be stated in the light most favorable to respondents.

Appellant had been a licensed real estate broker for over 15 years prior to the transaction involved herein. On September 1, 1960 he obtained an option in his name, on behalf of himself and respondent MacMillan, to purchase an 18-acre parcel of land for $201,500. Each put up one-half of the $2,000 paid for the option. Appellant acknowledged MacMillan’s one-half interest in a “Declaration of Trust and Agreement of Joint Venture,” executed by them on September 6, 1960.

Appellant and MacMillan thereafter became doubtful of *379 their financial ability to carry out the purchase on their own account and, during the latter part of 1960, they brought respondents Worley, Tidball and appellant’s brother, Eugene Parlato, into the venture.

It was agreed that appellant was to effect the purchase of the 18 acres and carry out all transactions connected therewith as the agent for the joint venture but in his name alone. This he did.

The…