Security-First National Bank of Los Angeles v. Lloyd-Smith

Action by a successor trustee under a trust indenture executed by the Sugar Pine Lumber Company to enforce a guaranty by the defendant of payment of bonds issued under the trust indenture.

Defendant moved, under rule 113 of the Rules of Civil Practice, for judgment dismissing the complaint on the ground that the plaintiff was not the real party in interest and was without power or right to enforce the guaranty agreement; that the guaranty agreement could only be enforced by the bondholders.

The trust indenture does not contain any specific provision authorizing the trustee to enforce the…