Mercantile Trust Co. v. San Joaquin Agricultural Corp.

The brief of the plaintiff briefly and correctly sets forth a general statement of the foundational facts as follows:

“On July 1, 1919, the San Joaquin Agricultural Corporation, made, executed and delivered to the Savings Union Bank and Trust Company, as Trustee, a mortgage to secure the payment of $500,000 par value of its bonds together with interest at 6% per annum. This mortgage covered certain real property in Madera County. The Savings Union Bank and Trust Company, the Trustee, accepted the trust; the San Joaquin Agricultural Corporation sold the entire issue of $500,000 of its bonds. On…