Chandler v. People's Savings Bank

Citations

• 61 Cal. 396
• 1882 Cal. LEXIS 632

Syllabus

<p>Waiver of Right to Marshal Securities.—P., to secure his note for fifteen thousand dollars, made a deed of trust to the C. Bank of a tract of land, and also assigned to it a promissory note and mortgage which he held against C.;,and afterwards, to secure his note of about forty thousand dollars, executed to the O. P. S. & C. Bank another deed of trust upon the same land and other property. After the execution of the last note, P. sold and assigned to his wife his interest in the 0. note. Subsequently, the notes of P. to the C. Bank and to the 0. P. S. & C. Bank, with their respective securities, vested in the defendant by assignment; and the defendant being thus the owner and holder of the two notes and securities, caused the trust land to be sold under the first deed of trust, and became the purchaser, for the sum of ten thousand one hundred and twenty-five dollars—leaving a balance on the first note, and the second note wholly unsatisfied. It then sold the land and its interest in the note to C.</p> <p>Héld, that Mrs. P., as the assignee of P., was entitled to the surplus due upon the C. note after satisfying the balance due on the note of P. to the C. Bank.</p>