Mortgage Guarantee Co. v. Patch

WARD, J., pro tem.

On November 10, 1927, defendant borrowed the sum of $50,000 from plaintiff. The loan was evidenced by a promissory note and a deed of trust. Subsequently defendant failed to meet the installment payments of the note and plaintiff declared the note and deed of trust to be in default and commenced proceedings on April 23, 1929, for the sale of the property under the deed of trust. In due time a sale took place and plaintiff bid the property in for the sum of $40,000, leaving a deficiency of $13,889.61. This action was instituted upon the deficiency. This is defendant’s fourth…