Monroe Street Properties, Inc., an Arizona Corporation v. Orville S. Carpenter, Trustee, Etc.

HUFSTEDLER, Circuit Judge:

Appellant, Monroe Street Properties, Inc. (“Monroe”), appeals from a judgment in favor of the defendant Carpenter entered after Carpenter’s motion for a summary judgment was granted. Carpenter is a party in his capacity as a trustee for Western Equities, Inc. (“Western”). Federal jurisdiction is based upon diversity of citizenship.

Monroe’s action is for claimed breach of a written contract between Monroe and Western in which Western agreed to buy from Monroe ten insured first mortgages and notes having a face value of $1,250,000 in exchange for $1,000,000 worth of…