Camp v. Land

Citations

• 122 Cal. 167
• 54 P. 839
• 1898 Cal. LEXIS 551

Syllabus

<p>Trust Deed—National Bank—Corporation—Power to Contract —Estoppel.—The grantor of a trust deed of real estate, securing his indebtedness to a national bank, having dealt with the bank as a corporation having power to enter into the contract of which he received the benefit, cannot be heard to object to a lack of proof of its corporate existence and power to make such contract.</p> <p>Id.—De Facto Corporation—Parol Evidence.—The parol evidence of the bank’s president, received without objection, proving the organization of the bank as a national bank under the laws of the United States, and establishing the fact that for many years before and after the execution of the trust deed it had done business as a national bank, is sufficient to establish its corporate existence de facto.</p> <p>Id.—Power to Loan Upon Trust Deed.—The United States alone can be heard to question the authority of a national bank to make a loan of money upon the security of a trust deed of real estate, under sections 5136 and 5137 of the Revised Statutes of the United States.</p> <p>Id.—Validity of Trust Deed—Restraint upon Alienation.—A trust deed securing a loan of money payable at a fixed time in the future is not invalid as imposing an unlawful restraint upon alienation.</p> <p>Id.—Foreclosure of Prior Mortgage—Trust Deed not Merged. A trust deed is not merged or extinguished in a judgment of foreclosure of a prior mortgage, if no foreclosure of the trust deed was attempted or ordered by the court, and if the bank secured thereby, when made a party to the foreclosure, merely asked for an application of any surplus to the reduction of its debt.</p> <p>Id—Foreclosure Sale of Homestead—Action to Redeem;—Quieting Title under Trust Deed.—An action cannot be sustained to redeem a homestead separately sold to the defendant under foreclosure of the prior mortgage, if the defendant has, prior to such action, acquired title thereto by a valid sale under the junior trust deed which antedated the home