The last entry in Columbia's series co-starring Bill Elliott and Tex Ritter (who departed for the corrals at Republic and Universal), and a remake of 1931's "The Avenger" with Buck Jones: Joaquin Murietta (Bill Elliott)is robbed of his property by Jeff Gorman (Dick Curtis) and town banker Gil Kirby (Robert Fiske) and seeks revenge by disguising himself as a masked bandit, known as The Grey Shadow,and begins to raid gold shipments intended for Gorman and Kirby. Anita Morrell (Adele Mara) arrives in town and is shocked to learn that her father has been murdered. California Ranger Tex Lake (Tex Ritter) investigates and finds clues, planted by Gorman and Kirby,implicating Murietta. Kirby, the real killer, demands $2,000 from Anita in return for the deed to her father's gold mine.Murietta comes to her, denies any involvement in the killing, and gives her the needed money. Lake is on Murietta's trail, but the two are soon united in a fight against the outlaws.