Wright v. Security-First National Bank

Holding

The court held that a comprehensive trust agreement, which explicitly defined the beneficiaries' interests as personal property and granted the trustee broad powers to manage, sell, and convey real property, was not an equitable mortgage but a true trust; consequently, the beneficiaries’ pledge of their personal property interests and the subsequent judicial foreclosure of that pledge, followed by a valid quitclaim deed, extinguished all of the appellants’ claims to the underlying real property.