Glasgow v. Andrews

The plaintiffs appeal from a judgment holding that a grant deed was not, in fact, an equitable mortgage.

The plaintiffs owned an apartment house in Long Beach which was encumbered by a first trust deed of $54,000, and a second trust deed in favor of the defendant Andrews for $22,000. On August 8, 1950, the plaintiffs deeded that property to Andrews. On the same day Andrews traded that property, and another property in which he owned an equity, for a motel at Newport Beach called the “Balport Motel.” This motel was encumbered by a first trust deed for $43,000 and a second trust deed for…