Johnson v. Home Owners' Loan Corp.

On April 5, 1934, Louis Johnson delivered a real estate mortgage to respondent Home Owners ’ Loan Corporation (for brevity hereinafter called H. O. L. C.) in the sum of $1521.44. On April 13, 1935, Louis Johnson executed a grant deed covering the same real estate to the Angeles Indemnity Corporation (hereinafter called A. I. C.) for the purpose of securing a bail bond. The grant deed, although intended between the parties to be a mortgage, was absolute on its face, and thereafter was recorded in the office of the county recorder of Los Angeles County prior to the commencement of the…