Rossman Mill & Lumber Co. v. Fullerton Savings & Loan Ass'n

STONE, J. *

This appeal comes to us on an agreed statement of facts relating that Floyd McNabb obtained a building loan of $18,000 from respondent savings and loan association, to build a home on his lot in Orange County. The loan was evidenced by a promissory note secured by a first deed of trust on the property. The loan was set up under Account No. 4217, and McNabb executed a “Building Loan Agreement and Assignment of Account No. 4217.” The agreement provided for progress payments to McNabb at four specified stages of completion of the residence.

After an on-site inspection, respondent paid…