American Securities Co. v. Van Loben Sels

DEIRUP, J., pro tem.

In 1923, P. J. van Loben Seis delivered to the plaintiff, American Trust Company (then named Mercantile Trust Company), a promissory note for $600,000, and to secure the payment of the note and further advances, he executed to the Mercantile Securities Company, as trustee, and the plaintiff trust company, as beneficiary, a deed of trust covering several thousand acres of land. Thereafter, the plaintiff, American Securities Company, was substituted as trustee. The trustor died and the land was distributed to his son, defendant herein, subject to the deed of trust. In 1928,…