Ley v. Babcock

Plaintiff sued to collect the deficiency on two promissory notes each in the principal sum of $2,500. Plaintiff had judgment and defendants appeal on a bill of exceptions.

On March 3, 1926, defendants purchased from plaintiff’s assignor a lot near Long Beach, California, for $10,000, paying $5,000 of the purchase money in cash and giving to the vendors the two promissory notes in suit which were secured by a deed of trust. The defendants failed to pay any portion of the balance due and the two promissory notes with the security therefor were duly assigned to the plaintiff, who caused the real…