Majority
This is an appeal from the judgment, also from orders refusing to grant a temporary injunction and dissolving temporary restraining orders.
A demurrer was sustained to the first amended complaint without leave to amend. The complaint alleges that in November, 1945, plaintiff “executed and delivered” to one Hansberger a certain note and trust deed; that thereafter a second note and trust deed covering the same property were “executed and delivered” to Hansberger by plaintiff; “That plaintiff has defaulted in the payment of said notes, and said lots are about to be sold under the power of said deeds of trust. ’ ’ “That plaintiff gave said notes and deeds of trust to secure that payment of the purchase price of certain used oil well drilling equipment. ” “ That on or about the month of March, 1947, said Hansberger, was compelled by circumstances to assign said notes and deeds of trust to R.
A summary of the complaint reveals that plaintiff’s cause of action is based on respondent’s alleged violation of an oral agreement to enter into a written agreement concerning another written agreement, to wit, the trust deed. It is argued, however, by appellant that, “this oral agreement by Mr. Clinard in no wise altered the deeds of trust, but that he orally agreed to forbear and postpone the sale of the property for a time, and that he, thereby, waived his rights to continue with the sale.”
Appellant’s contentions cannot be upheld. An agreement to postpone a valid sale of property beyond the date when said property may be sold under and according to the terms of a trust deed obviously is an agreement to alter the terms of the instrument. And as pointed out by respondent, “ [a] contract in writing may be altered by a contract in writing, or by an executed oral agreement, and not otherwise.” (Civ. Code, § 1698.) Therefore the oral agreement relied on by appellant is unenforceable. To hold otherwise would reduce a trust deed in any case to an unsubstantial if not worthless security.
The judgment and orders are affirmed.
York, P. J., and White, J., concurred.
A petition for a rehearing was denied September 28, 1948, and appellant’s petition for a hearing by the Supreme Court was denied November 8,1948.