German-American State Bank v. Spokane-Columbia River Railroad & Navigation Co.

Citations

• 49 Wash. 359
• 95 P. 261
• 1908 Wash. LEXIS 584

Syllabus

<p>Pledges — Wrongful Enforcement — Sale in Bad Faith. Where the payee of a note of a corporation, holding collateral under a power to sell at private sale without notice, refused to consider an offer of $5,000 for the collateral, made by stockholders of the corporation, and subsequently sold the collateral privately for $2,500, the payee is guilty of had faith and is liable to the corporation for the actual value of the collateral, since it was hound to realize as near the value as possible.</p> <p>Evidence — Competency—Value of Property. A rejected offer of a price for property, made in good faith, is competent evidence of its value, as against the owner denying such value.</p> <p>Pledges — Wrongful Enforcement — Evidence of Value. Where the holder of collateral refused an offer of $5,000 therefor, and then sold the same privately for $2,500, and there was no other evidence of the value of the collateral, the same should be found to he $5,000.</p>