Furness v. Stiles

Citations

• 18 Wash. 383
• 51 P. 470
• 1897 Wash. LEXIS 174

Syllabus

<p>MORTGAGES—EXTENSION OF PAYMENT — INTEREST NOTES — CONSIDERATION.</p> <p>Where tbe bolder of a mortgage agrees to an extension of tbe time of payment in consideration of tbe execution of additional coupon notes at tbe rate of interest provided' for in tbe mort- ■ gage, wbicb was six per cent., but tbe agent of tbe mortgagee induces the mortgagor to execute an additional note to cover a sum amounting to three per cent, interest, on the representation that the extension would only be granted on an agreement to pay nine per cent, interest, and the note for three per cent, interest is made payable to the agent and accepted by it without knowledge of the mortgagee, and is only executed by the mortgagor because he believes it demanded by the mortgage holder, such note cannot be enforced for want of a consideration.</p>