Rolapp v. Federal Building & Loan Assn.

In an action for declaratory relief plaintiff had judgment, and the defendant Federal Building and Loan Association has appealed on a bill of exceptions.

On May 15, 1930, the appellant received from one Dery his promissory note in the sum of $6,500 secured by a deed of trust upon certain real property. On the same day these parties entered into a “building loan” contract whereby the association agreed to loan Dery separate sums equal in all to the face of the note progressively as a building was erected on the premises. After these papers were executed, and after the work on the building had…