Vance v. Lincoln

Citations

• 38 Cal. 586

Syllabus

<p>A Deed a Moetgage.—A deed absolute upon its face may be proven to have been intended as a mortgage.</p> <p>A Deed not a JIoetgage.—V. gave F. a deed of bargain and sale, absolute on its face; at tho same time, and as a part of the same transaction, F. gave V. a written instrument to the effect that tho deed had been taken as security for a note which he held against V-, and that F. would endorse upon tho note all moneys received by him from sales of tho land, and that when the note was all paid F. would deed back to V. all the land then unsold. Held, that this was not a mortgage merely, but a trust for the benefit of F., and that the legal title was in F. while the trust continued.</p> <p>Res Adjudicata.—If V. convey to F. upon trust to sell enough land to pay a note held by him and then to re-convey what shall be left unsold; and if F. during the trust, sues A. to recover some of the land and is defeated; and if, after tho land is re-conveyed, Y. sues A., relying upon the same title, the judgment against F. is conclusive, if pleaded by A. against a recovery by Y.</p>