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EASTLAND S. & L. ASSN. v. THORNHILL & BRUCE, INC.

Docket No. 8603.

260 Cal.App.2d 259 (1968)

66 Cal. Rptr. 901

EASTLAND SAVINGS AND LOAN ASSOCIATION, Plaintiff and Appellant, v. THORNHILL & BRUCE, INC., et al., Defendants and Respondents.

Court of Appeals of California, Fourth District, Division Two.

March 20, 1968.

Attorney(s) appearing for the Case

Peters & Knox and Jack M. Peters for Plaintiff and Appellant.

Schlegel, Friedemann & Kelly and James L. Kelly for Defendants and Respondents.

McCABE, P.J.

Defendant Bruce leased a tract of 12 parcels of unimproved property in the City of Orange. He obtained a construction loan from plaintiff in the amount of approximately $405,000 ($33,800 per parcel) for the purpose of constructing apartment buildings on the leased property. Bruce executed trust deeds in favor of plaintiff as beneficiary, securing a promissory note on each parcel. The trust deeds contained provisions giving plaintiff, as additional security...

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