Farmers & Mechanics Bank v. Western Loan & Building Co.

Citations

• 103 Wash. 349
• 174 P. 1
• 1918 Wash. LEXIS 1039

Syllabus

<p>Banks and Banking — Authority of Officers- — Deeds. A deed by a bank president and cashier who were principal stockholders, executed without special authority and acquiesced in by the directors, is within the apparent scope of their authority.</p> <p>Deeds — Validity—Fictitious Name. A deed taken in a fictitious name, with subsequent transfer in such name, passes title and the instruments are valid in the hands of an innocent holder.</p> <p>Mortgages- — -Failure to Record — -Loss. Where the failure to record a mortgage deed enables the title holders to convey under a fictitious name and mortgage to an innocent party, the loss must fall upon the negligent mortgagee.</p>