Jurado v. Simos

PRESIDING JUSTICE WHITE

delivered the opinion of the court:

Plaintiff Leopoldo Jurado sued to foreclose a mortgage on property held by American National Bank & Trust Co. in trust for the benefit of plaintiff and defendants Cornelio Simos and Simeon Tembrina. Plaintiff and defendants had guaranteed payment of the mortgage note. The trial court granted defendants’ motions for summary judgment, finding that plaintiff could not foreclose the mortgage because his purchase of the note extinguished the debt. Plaintiff appeals.

In 1974 plaintiff and four other persons established a land trust to…