Swinerton & Walberg Co. v. Union Bank

Opinion

FLEMING, J.

Union Bank (Bank) appeals a portion of a judgment imposing an equitable hen in favor of Swinerton & Walberg Co. (Swinerton) on funds held by Bank in a construction loan disbursement account.

Facts

In February 1964 James and Audrey Casey (Casey) contracted with Swinerton, a building contractor, for the construction of a 7 8-unit apartment building on Casey’s property in Redondo Beach at a price of $785,000. To finance construction and related expenses Casey in March 1964 borrowed $892,000 from Bank, signing a promissory note secured in part by a trust deed on the property.

Casey…