Dietzel v. Anger

This is an appeal by defendants from a judgment rendered against them in an action brought by plaintiffs to enforce stockholders’ liability. The facts were stipulated, and the only question is one of law.

Southern California Realty Corporation issued bonds in 1930, in the principal sum of $85,000, secured by a trust indenture to a corporate trustee, Union Trust Company of San Diego. In 1932, the issuing corporation made default in payments, and under the provisions of the instrument accelerating maturity, the trustee declared the entire unpaid balance, amounting to $78,000 plus interest,…