First State Bank of Binford v. Arneson

Citations

• 109 Wash. 346
• 186 P. 889
• 1920 Wash. LEXIS 906

Syllabus

<p>Evidence (76)-=—Best and Secondary—Loss of Primary Evidence. Upon proof that a written instrument agreeing to assume a mortgage had been executed and that it was lost, oral proof of its contents is admissible.</p> <p>Mortgages (102)—Assumption of Debt. The purchaser of mort- • gaged premises who assumes payment of the mortgage becomes the principal debtor and the mortgagor a surety only.</p> <p>Same (92)—Rights of Assignee—Holder of Coupons. An agent for the collection of mortgage notes who advanced and paid the amount due is entitled to recover the amount from a grantee who had assumed and agreed to,pay the mortgage debt.</p> <p>Same (111)—Transfer of Property—Merger—Extinguishment of Debt. A bank holding interest coupon notes as collateral security for the obligation of its cashier who had unlawfully appropriated money to pay the mortgage, in taking a deed of the mortgaged premises in which it assumed and agreed to pay the mortgage debt thereby becomes the principal debtor, and extinguished the debt of the cashier.</p> <p>Pledges (7)—Waiver—Sale of Collateral Without Notice. A bank, holding interest coupons secured by mortgage as collateral security for the debt of its cashier for appropriating money to their payment, will be presumed to have realized the amount due where it disposed of the collateral without notice to the debtor.</p>