Pacific Finance Corp. v. Crane

This is an action to foreclose a trust deed, a chattel mortgage, and a pledge agreement given to secure a note executed by the individual defendants.

On June 13, 1946, the plaintiff loaned $195,000 to the nine individual defendants for the purpose of enabling them to purchase 1,950 acres of land. Two checks totalling that amount were dated and delivered on that day, both being payable to and endorsed by all of the individual defendants. On the same day, these individual defendants executed a note jointly and severally promising to pay to plaintiff $201,000 “with interest from date hereof on…