Paramount Motors Corp. of Pacific v. Title Guarantee & Trust Co.

This is an appeal from a decree dismissing an amended complaint, on motion, for want of equity. The allegations of the amended complaint .are substantially these:

That prior to November, 1924, the appellant was the owner of a 20-acre tract in Los Angeles county, Cal.; that on November 28, 1924, it entered into a contract with one Theron Walker, under the designation Theron Walker Engineering & Construction Company," to furnish the labor and material for the construction of a building on the tract for the sum of $17,000; that, be *299 fore entering into the construction contract, Walker represented to the appellant that one Seaton would advance the money to cover the cost of constructing the building, taking notes of the appellant therefor amounting to $17,000; that the appellant accordingly, and at the instance and request of Walker, executed to Seaton two promissory notes, for $12,500 and $4,500 respectively, and secured the same by a deed of trust on the 20-aere tract, executed by the appellant in favor of the Title Guarantee & Trust Company, as trustee, for the benefit of Seaton; that, notwithstanding the execution of the notes and deed of trust, Seaton paid no money or other…