De Anza Land and Leisure Corp. v. Raineri

OPINION

GRANT, Judge.

This is an action to foreclose certain mortgages securing a promissory note executed by Ray Development Company. We hold that the suit is barred by the statute of limitations and therefore reverse the trial court.

On December 21,1961, appellant Ray Development Co., Inc. (Ray Development) executed to the original creditor herein, Capitol Coal and Coke Company, a promissory note in the amount of $450,000. This note was secured by a mortgage upon real and personal property and other collateral security. The note and security were subsequently assigned to California Growth…