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JEFFERSON SAVINGS & L. ASS'N v. LIFETIME SAVINGS & L. ASS'N

No. 21809.

396 F.2d 21 (1968)

JEFFERSON SAVINGS AND LOAN ASSOCIATION, etc., Appellant, v. LIFETIME SAVINGS AND LOAN ASSOCIATION, etc., Appellee.

United States Court of Appeals Ninth Circuit.

Rehearing Denied July 16, 1968.

Attorney(s) appearing for the Case

Aaron Peck (argued), of McKenna & Fitting, Los Angeles, Cal., for appellant.

F. J. Weitkamp (argued), of Weitkamp, Riddle & Bedrosin, Granada Hills, Cal., for appellee.

Before HAMLEY and CARTER, Circuit Judges, and SMITH, District Judge.

RUSSELL E. SMITH, District Judge.

In 1963 Jefferson Savings and Loan Association, a Colorado corporation (Jefferson), purchased from Lifetime Savings and Loan Association, a California corporation (Lifetime), a seventy-five per cent interest in thirty-seven loans secured by trust deeds on California real estate. These loans had been made by Lifetime. A "Loan Participation Agreement" delineated the rights of the parties, and provided, inter alia, that after...

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