Inland Trading Co. v. Edgecombe

Citations

• 57 Wash. 257
• 106 P. 768
• 1910 Wash. LEXIS 736

Syllabus

<p>Usury — Illegal Exaction. A note for $500, given as a bonus or fee for procuring a state contract at a public sale and for furnishing $960 to buy the land, for which latter sum a note with the maximum rate of interest was also taken, 'is usurious, under Rem. & Bal. Code, §§ 6251, 6255, especially where the value of the service was inconsiderable; since the contract was entire and part of the consideration was illegal, and a contract usurious in p.art is illegal as to the whole.</p> <p>Chattel Mortgages — Priorities—Future Advances. The lien of a senior chattel mortgage on a crop of wheat to secure certain enumerated notes, cannot be extended to cover advances subsequently made for seed, provisions, storage, and harvesting expenses, as against the lien of a junior mortgage, where the mortgage made no provision for future advances or for such items.</p> <p>Chattel Mortgages — Proceeds—Accounting—Expense Items Allowable. Upon an accounting for the proceeds of a crop of wheat delivered by the mortgagor to, and handled by, a usurious mortgagee, he must account for the net proceeds only; and freight, warehouse, storage, and commission charges and expenses, incurred in handling and selling the grain, are properly chargeable against the proceeds; but the mortgagee is not entitled to charges for “insurance” not authorized by the mortgagor or junior mortgagee, nor for “interest” where there was no evidence to show upon what it was based.</p>