White v. Citizens National Trust & Savings Bank

On October 3, 1929, one James White was indebted to respondent Citizens National Trust and Savings Bank of Los Angeles in the sum of $13,000, which amount was subsequently reduced by payments made thereon to the sum of $4,500. On that date he assigned and transferred certain real and personal property to respondent bank in trust, primarily for the purpose of securing that indebtedness. The trust was merely a “holding trust” during the lifetime of the trustor with no active duties imposed upon the trustee, but upon the trustor’s death the trustee was to assume full management and control of…