Bank of America of California v. Ries

TUTTLE, J.,

pro

tem.

This is an appeal from a judgment. quieting plaintiff’s title to real property.

On March 5, 1924, plaintiff’s predecessor in interest agreed in writing to sell a certain lot in Los Angeles County to defendants Gene Ries and Mae Laurel. The latter assigned her interest in the contract to defendant Stan Laurel. The total purchase price was $4,500, payable as follows: $1125 upon the execution of the agreement, and the balance in installments of $1125 each, due in six, twelve and eighteen months from the date of the contract. The buyer agreed to pay all taxes levied against the property. Time was of the essence of the agreement, and in the event the buyer failed to comply with any of the terms, the seller could declare all rights forfeited and retain any money paid thereon. With the exception of the initial payment, no further payments were made upon the contract. On September 12, 1925, and subsequent to the date of the maturity of the contract, defendant Stan Laurel executed an assignment on the back thereof to plaintiff’s predecessor, with the proviso that it was not to take effect until the sum of $360 had been deposited to the credit of Laurel. On September 18, 1925, defendant Ries executed a similar assignment. These assignments were executed upon the premises of the bank (plaintiff’s predecessor) and were left with the bank. There is no evidence in the record that the bank ever accepted them. On the contrary, an officer of the bank testified that the assignments were not accepted nor were any payments ever deposited to the credit of the assignors. The court so found.

The trial court found that defendants had no right, title or interest in the property, and a decree was entered quieting the title of plaintiff.

The complaint is in the usual and ordinary form of a quiet title action. The answer contains only one denial— “that the claim and interest asserted by them (defendants) in and to the property recited in plaintiff’s complaint is without right”. It is then alleged that defendants have a

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right and title to said property by reason of said agreement. It is further alleged that plaintiff’s predecessor agreed to purchase the interest of defendants in said property for the sum of money paid in by defendants upon the purchase price, and until said sum was so paid, defendants were to have their right to said property.