Allen v. Cal. Mut. Bldg & Loan Ass'n

So far as the merits of the controversy are concerned, Allen and those who in the superior court established their right to share in the assets of California Mutual Building and Loan Association, are in the same position as the investors whose judgment against that now insolvent corporation was affirmed in Alexander v. State Capital *479Co., 9 Cal.2d 304 [70 P.2d 619]. The association and the Building and Loan Commissioner, in appealing from the judgment rendered against them, do not deny that, by fraudulent representations, the respondents were induced to exchange their investment certificates…