Los Angeles National Bank v. Vance

[58]

SHAW, J.

Appeal on the judgment-roll from a judgment rendered against defendant upon a stipulation of the facts, defendant’s sole contention being that the facts stipulated do not support the judgment.

For the purpose of securing the location of a federal building upon certain lots of land in the city of Los Angeles, bounded by Main, Temple and New High streets, and consisting of two hundred and ninety-three feet frontage on Main street, extending through to New High street, Silas A. Yance, defendant’s testator, with others, signed an agreement which, after reciting that they would be mutually benefited by the location of such building upon said lands, and that Frank P. Flint, Joseph Mesmer and A. C. Harper had undertaken to procure the conveyance of said property to the United States government free of all encumbrances, in consideration of the sum of one dollar and the construction thereon by said United States government of a federal building, and also reciting that the sum of $205,000 would be required to purchase said property, contracted as follows: “We, the undersigned, in consideration of the benefits resulting from the location of a federal building upon said property, and for value received, hereby subscribe, undertake and agree to pay, upon demand, the sum set opposite our respective names, in lawful money of the United States government, to the Los Angeles National Bank, at its banking-house in the city of Los Angeles, state of California, upon the acceptance by the proper officers of the United States government of the hereinbefore referred to offer, to be made by said Frank P. Flint, Joseph Mesmer and A. C. Harper; it being understood that when the full amount of the purchase price of all of said real property has been paid by the subscribers hereto unto said Bank, the same shall be paid on the order of Frank P. Flint, Joseph Mesmer and A. C. Harper to the owners of said real property in consideration of deeds thereto to the United States government.”

The amount set opposite the name, and for which Yance subscribed the document, was the sum of $1,480. The total amount subscribed toward securing the location was in excess of that required. The amount collected from subscribers, other than said Yance, was approximately ninety per cent of each subscription, which sum, if paid by all the subscribers, left in the hands of the plaintiff, after payment of the pur