Pacific States Savings & Loan Co. v. Hollywood Knickerbocker, Inc.

Hollywood Knickerbocker, Inc., a corporation, on July 1, 1929, executed its first closed mortgage 6y2 per cent sinking fund gold bonds in the sum of $750,000 to the Bank of America. That bank has since changed its name to Bank of America National Trust and Savings Association. Seven hundred of the bonds were of the denomination of $1,000 éach and one hundred of the bonds were of the denomination of $500 each. To each bond there were attached thirty interest coupons. To secure the payment of the bonds Hollywood Knickerbocker, Inc., executed to the Bank of America a trust deed. Thereafter this…