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District Court of Appeal, Second District, Division 1, California.


SAME v. ANGER et al.*

Civ. 10000.

Decided: May 27, 1936

Overton, Lyman & Plumb, Irving H. Prince, Chalmers L. McGaughey, and Roscoe R. Hess, all of Los Angeles, for appellants. Loeb, Walker & Loeb, of Los Angeles, for respondents William Hasberg, Lou Anger, Sidney Grauman, Harry Rapf, Irving G. Thalberg, Louis B. Mayer, Joseph P. Loeb, Edwin J. Loeb, Roy C. Lichty, C. H. Evans, as administrator of Joe Toplitzky, Joseph F. Keaton, also known as Buster Keaton. Guy Richards Crump, Mark S. Feiler, and Roy W. Colegate, all of Los Angeles, for respondent Joseph M. Schenck.

The questions involved on the appeal are the same as those we have this day decided in Dietzel et al. v. Anger et al., 58 P.(2d) 217. In the present case the trial court held that plaintiffs, constituting a committee holding all of the outstanding bonds of an issue of Southern California Realty Corporation, had no right to sue the defendants upon their liability as stockholders of the issuing corporation. As the court construed the trust indenture, all rights of action, including the one involved here, were vested in the trustee. Under identical provisions of the trust indenture before us in Dietzel v. Anger, we held that the plaintiffs in that action, holding legal title to the bonds, had the right to sue on stockholders' liability. We hold the same as to the causes of action stated in the complaints in the consolidated actions from which the present appeal was taken.

The consolidated judgment in those actions is reversed.

SHINN, Justice pro tem.

We concur: HOUSER, P. J.; DORAN, J.

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