Riskind v. Frank Meline Co., Inc.

PLUMMER, J.

The plaintiffs had judgment for the rescission of a certain contract for the purchase of real estate in the county of Los Angeles, and against the defendant Adolph C. Fera, in the sum of $10,186, and against The Frank Meline Company, Inc., in the sum of $1550, with interest at the rate of seven per cent per annum from October 12, 1927. From this judgment the defendant Adolph C. Fera appeals.

The appeal is based upon the judgment-roll alone.

The findings of fact disclose that within two years prior to the filing of the complaint, the plaintiff, Michael Riskind, entered into a contract with The Frank Meline Company, Inc., a corporation, for the purchase of lots 8 and 9 in block 23, tract 6783, in the county of Los Angeles. That subsequent to the execution of this agreement the defendants caused to be assigned to the plaintiff an agreement of sale of said real property, executed on the sixth day of January, 1927, between Oliver Wylie and Sarah E. Wylie, as sellers, and Adolph C. Fera, as purchaser. That the conditional

[630]

contract of sale of said premises provided for the payment of $27,000, upon which at the time of the assignment unto plaintiffs there remained a balance due of $20,250, payable in semi-annual installments of $5,062.50 each, commencing with January 16, 1928. That under and pursuant to said agreement the plaintiffs paid to the defendants the sum of $10,750 on or about the sixteenth day of January, 1927, and made further payments against said property in the sum of $235.68. That of the sum of $10,750 paid as aforesaid, $1550 of said payment was retained by The Frank Meline Company for their services as agent of Adolph C. Fera.

It is further found that the defendants represented the value of said property as in excess of $31,000, and that the reasonable market value of said premises at said time was not in excess of $22,500.

It is further found that the defendants, prior to the entering into the agreement just referred to, falsely and fraudulently represented to the plaintiffs that a terminal market would be erected directly across the street from said property, at an investment of $250,000; that land therefor had been purchased; that plans therefor had been completed; that said work was actually commenced on or about March 1, 1927, and that the same would be completed by the end of the year 1927; that all arrangements had been completed for the erection of said market; that a bond issue for the building of said market had been underwritten by a Chicago concern, and that the erection of said market would greatly enhance the value of the property involved in this action.