Pray
Pray v. Babbitt
Opinion
Lead Opinion
Lillie, J.
Plaintiff had judgment against defendant, as the executor of his deceased brother's estate, in the sum of $8,000; such sum represented the agreed value of certain Colorado property which plaintiff deeded to his brother in October of 1958 to provide security for a loan contemporaneously secured by the latter for an oil exploration venture. Trial was had on plaintiff’s theory that the decedent acquired the property in trust for plaintiff’s benefit until the loan was repaid; since the property was eventually lost through foreclosure (in 1964), after the institution of the action, plaintiff was given a money judgment in lieu of a trust in the specific property to secure payment of the amount be had advanced. Prom such judgment defendant appeals.
The trial court found in pertinent part that the subject property was conveyed to the decedent on October 17, 1958, at an agreed valuation ($8,000) which sum the latter agreed to repay; that at no time thereafter was any part of said sum repaid nor did plaintiff receive any consideration for the transaction; that prior thereto, on July 23, 1958, decedent executed his last will which named plaintiff as the sole beneficiary, and that said…