Merchants National Bank v. Escondido Irrigation District

SMITH, C.

The plaintiff is trustee in two deeds of trust,

made to it by the defendant, June 12, 1894, and April 15, 1895, as additional security for the payment of. two series of bonds of date January 1, 1894, and April 15, 1895, for the aggregate sums of $250,000 and $100,000. The deeds purport to convey to the trustee the whole water system of the district, including its reservoirs, water-ditches, and water-rights, and, generally, all of its property, real and personal, then owned or afterwards to be acquired. The trustee is now in possession of the property conveyed, having taken possession…