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EDGAR v. BANK OF AMERICA NAT'L TRUST AND SAVINGS ASS'N

Docket No. 4060.

102 Cal.App.2d 700 (1951)

228 P.2d 21

LAURA B. EDGAR et al., Plaintiffs and Appellants, v. BANK OF AMERICA NATIONAL TRUST AND SAVINGS ASSOCIATION (a National Banking Association), Respondent; CHARLES FINDLAY et al., Defendants and Appellants.

Court of Appeals of California, Fourth District.

March 7, 1951.

Attorney(s) appearing for the Case

John W. Preston and Henry C. Mack for Appellants.

S.B. Stewart, Jr., G.D. Schilling, U.A. Gribble, Johnston, Baker & Palmer and Erskine, Pillsbury & Tulley for Respondent.

MUSSELL, J.

In 1921 the plaintiffs purchased 80 acres of land situated in Kings County, California, for the sum of $8,000. Because there were some 30 or more purchasers, the title was conveyed to Security Trust Company to hold under a trust agreement. The agreement provided that the trustee could not sell or lease without the consent of 51 per cent of the beneficial interests. Defendant Bank of America thereafter succeeded...

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