Ames v. Occidental Life Insurance

Plaintiffs and appellants on July 1, 1924, exchanged real property with one Greenhaw and wife. Plaintiffs’ property was clear; the Greenhaw property was encumbered. Plaintiffs, however, agreed that the Green-haws might place a first deed of trust upon the property they were buying from plaintiffs for $15,000, which was done. Plaintiffs took a second deed of trust on the property for $4,750, the balance due them on the exchange. The Greenhaws, so it was alleged, were to do certain things with the money so secured on the first deed of trust, respondent Title Company being the .trustee…