Colliton v. Neff

Appellants, the makers of a note secured by a deed of trust, sued the holders to enjoin foreclosure of the deed. The complaint alleged that the parties had “compromised” the note by an agreement which appellants had offered and appellees had accepted. The express terms of appellants’ offer, which appellees accepted on May 14, 1936, included two cash payments and a new note “to be dated May 15, 1936.” Appellants insist that the mere making of the agreement was intended to satisfy the old note. But immediate delivery of a new note was plainly a part of what appellants purported to offer and…