Faires v. Title Insurance & Trust Co.

Plaintiff sought to recover from defendant $1428.57 paid by her as part of the purchase price of a large tract of land in Los Angeles County. Her original subscription to a fund used in this purchase was $1,000. She paid $428.57 in assessments. The action is grounded solely on the failure of defendant to secure from the corpo ration commissioner of California a permit to issue securities. Judgment went for defendant and this appeal followed.

In March, 1926, Arthur A. Weber secured an option to purchase this land for the purpose of subdividing it. It was determined that $350,000 in cash was…