Keeler v. Templeton

The plaintiff resides in California, the defendants in New York State. On May 8, 1928, the defendants, then residents of California, gave the plaintiff their note for $10,000 due three years after date (May 8, 1931). The note was secured by a *115deed of trust, herein called the “ mortgage,” to the Los Angeles First National Trust and Savings Bank, herein called the “ bank.”

On default in payment of interest, the trustee, on February 24, 1933, sold the property to the highest bidder (plaintiff) for $7,000. After deducting the expenses of sale and taxes and applying the balance to the note, there…