Largilliere v. Zavala

Prior to and on January 3, 1921, appellants were indebted to respondents in the sum of $8,500, secured by a mortgage on the 240 acres of real property with respect to which this controversy relates. Not being able to pay the debt, appellant Modesto Zavala on January 3, 1921, made, executed and delivered to respondents his promissory note in the principal sum of $5,000 due August third thereafter and bearing interest at the rate of nine per cent per annum; and on the same day appellants made, executed and delivered to respondents their warranty deed to the real property. At the same time, and…