Higley

This is an action brought under the provisions of § 694j(a) (1) of the World War II Servicemen’s Readjustment Benefits Act, Title 38, U.S.C.A., with jurisdiction in this Court under the provisions of § 1345 of the Judicial Code, Title 28, U.S.C.A. The case has been submitted to the Court for its decision on an agreed statement of facts.

Plaintiff, acting pursuant to statutory authority, guaranteed loans to finance the purchase of three lots (hereinafter referred to as Parcels A, B and C) by their respective purchasers, which loans were secured by deeds of trust containing the power of sale as to each of the said parcels. Each of the respective purchasers defaulted on his loan, and in each instance, the trustee, upon such default, exercised the power of sale, and conducted sales of the respective parcels in accordance with the provisions of § 2924 of the California Civil Code. Plaintiff, acting pursuant to statutory authority, became the purchaser at the sale of Parcel A, taking the trustee’s deed to the property, and took title to Parcels B and C by virtue of conveyances from the respective purchasers of those parcels at the respective trustee’s sale. The defaulting vendees of…