Capell Assocs., Inc. v. Cent. Valley SEC. Co.

—Plaintiff Capell Associates, Inc. (Capell), an owner of land, sold part of it by contract of sale to S. J. Torre for $221,400 with no down payment. Torre assigned the contract to Golf Club Estates, a corporation. The contract of sale contemplated a subdivision development with subordination of Capell’s purchase money deed of trust to deeds of trust for “construction” loans. Defendant Security Title Insurance Company (Security) was the escrow holder. It was instructed by Capell regarding the provisions of the purchase money deed of trust it was to receive, with Capell as beneficiary, before…