Pacific States Savings & Loan Co. v. Santa Barbara Biltmore Corp.

California Court of Appeal

Pacific States Savings & Loan Co. v. Santa Barbara Biltmore Corp.

56 P.2d 277, 13 Cal. App. 2d 752, 1936 Cal. App. LEXIS 805

CourtCalifornia Court of Appeal

DecidedApril 1, 1936

DocketCiv. No. 10888

StatusPublished

This text of 56 P.2d 277 (Pacific States Savings & Loan Co. v. Santa Barbara Biltmore Corp.) is published on Counsel Stack Legal Research, covering California Court of Appeal primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Pacific States Savings & Loan Co. v. Santa Barbara Biltmore Corp., 56 P.2d 277, 13 Cal. App. 2d 752, 1936 Cal. App. LEXIS 805 (Cal. Ct. App. 1936).

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Opinion

GOULD, J., pro tem.

This contest between plaintiff as a minority holder of about 27 per cent and interveners as majority holders of about 51 per cent of defaulted bonds of an issue of $1,250,000 upon the hotel properties of the Santa Barbara Biltmore Corporation presents facts strictly analogous to, and a trust indenture almost identical with that involved in Pacific States etc. Co. v. Hollywood Knickerbocker, Inc., 11 Cal. App. (2d) 56 [52 Pac. (2d) 1014]. There, as here, the trial court held under the terms of the trust indenture considered as a whole the majority bondholders were [753]*753given power to control and direct the policy of the trustee for the protection of all, and that viewpoint was approved by the appellate tribunal.

Upon the reasoning and authority of the hereinabove cited case the judgment of the lower court in the within action is affirmed.

Crail, P. J., and Wood, J., concurred.

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GOULD, J., pro tem.

This contest between plaintiff as a minority holder of about 27 per cent and interveners as majority holders of about 51 per cent of defaulted bonds of an issue of $1,250,000 upon the hotel properties of the Santa Barbara Biltmore Corporation presents facts strictly analogous to, and a trust indenture almost identical with that involved in Pacific States etc. Co. v. Hollywood Knickerbocker, Inc., 11 Cal. App. (2d) 56 [52 Pac. (2d) 1014]. There, as here, the trial court held under the terms of the trust indenture considered as a whole the majority bondholders were [753]*753given power to control and direct the policy of the trustee for the protection of all, and that viewpoint was approved by the appellate tribunal.

Upon the reasoning and authority of the hereinabove cited case the judgment of the lower court in the within action is affirmed.

Crail, P. J., and Wood, J., concurred.

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56 P.2d 277, 13 Cal. App. 2d 752, 1936 Cal. App. LEXIS 805, Counsel Stack Legal Research, https://law.counselstack.com/opinion/pacific-states-savings-loan-co-v-santa-barbara-biltmore-corp-calctapp-1936.

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