Morgan v. Somervell

Plaintiffs’ complaint is based upon a promissory note executed and delivered by appellant to plaintiffs’ assignor. The promissory note was originally secured by a deed of trust on real property which was subject to a first mortgage. The first mortgage was foreclosed, the property sold and the time for redemption elapsed. The security for the note which is the subject of the present action became entirely valueless before the commencement of the action. The note was for the sum of $4,150, but before the commencement of the action only $1780.68 remained unpaid. Plaintiffs asked judgment for the…