Sacramento Bank v. Murphy

On August 27, 1887, Ellen M. Murphy borrowed from the plaintiff bank $13,400, giving to it her promissory note. The note provided for the payment of the principal four years after date, or on August 27, 1891, but it was provided also therein that if the note was not paid at maturity the loan might be renewed from year to year at the option of the holder of the note. A trust-deed in the ordinary form was given by Ellen M. Murphy to secure the payment of the note, and W. P. Coleman and E. B,. Hamilton were designated in the instrument as trustees. The trust-deed provided as to trustees that “it…