Moore v. Baasch

Citations

• 109 Wash. 568
• 187 P. 388
• 1920 Wash. LEXIS 975

Syllabus

<p>Contracts (66)—Construing Instruments Together. A tentative agreement for the amalgamation of two banks, and a reciprocal guarantee agreement on the part of the stockholders, made and entered into at the same time, must he considered 'together.</p> <p>Guaranty (9)—Construction—Scope of Contract—Beneficiaries. Where hank directors and stockholders agreed to the amalgamation of two hanks, the stockholders at the time entering into a reciprocal guaranty of the paper held, the new organization was the direct beneficiary of the guaranty agreement, notwithstanding a resultant benefit to the stockholders; in view of provisions in the two contracts, considered together, whereby the paper guaranteed was to he taken over and collected by the new bank for its own benefit, and funds collected under the guaranty were to he paid to it.</p> <p>Parties (3, 4)—Banks and Banking (7)—Assets on Insolvency —Real Party in Interest—Trustees—State Bank Examiner. A bank, being the direct beneficiary of a reciprocal guaranty of paper taken over at the time of its organization, and entitled to collect the paper, the state hank examiner, taking over the bank upon its insolvencj, may maintain an action on the guaranty as the real party in interest, under Rem. Code, § 179.</p> <p>Frauds, Statute of (4)—Original Undertaking — Actions — Parties Plaintiff. Where one promises, upon a valuable consideration, to pay the debt of another to a third person, the latter may maintain an action thereon in his own name.</p> <p>Guaranty (9)—Banks and Banking (7)—Assets on Insolvency. Where a stockholders’ reciprocal agreement guaranteeing the paper taken over by an amalgamated bank was accepted and acted upon, it cannot be rescinded by the stockholders without the consent of the bank.</p>