Coast Bank v. Minderhout
California Supreme Court
61 Cal. 2d 311 (1964)
Coast Bank (plaintiff) made several loans to Burton and Donald Enright in exchange for a promissory note. In a separate transaction, the Enrights executed an instrument in which they promised not to convey or encumber a piece of real property that they owned until they had repaid their debt to Coast Bank. Before they had repaid Coast Bank, the Enrights conveyed the property to W. J. Minderhout (defendant), who was aware of the agreement between the Enrights and Coast Bank. After learning of the transfer, Coast Bank demanded that the Enrights repay the outstanding balance on their debt. After the Enrights failed to do so, Coast Bank filed an action to foreclose upon the property under a theory that the Enrights’ promise not to convey the land was, in reality, an equitable mortgage. In its complaint, Coast Bank alleged that Coast Bank and the Enrights intended the property to secure the promissory note; Minderhout did not rebut this allegation in his answer. The trial court ruled in favor of Coast Bank, and Minderhout appealed.
Rule of Law
Holding and Reasoning (Traynor, J.)
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