National Bank of Commerce v. Pettibone

Citations

• 125 Wash. 607
• 217 P. 505
• 1923 Wash. LEXIS 1112

Syllabus

<p>Evidence (146)—Pabol Evidence to Vaby Writing—Collatebal Loan Agbeement. A writing pledging collateral to a bank to secure advances cannot be varied by parol evidence that it applied to only one transaction, when it declared that it shall apply to all dealings heretofore or hereafter had with the bank, and that no provision shall be deemed waived unless in writing and signed hy the bank.</p> <p>Pbincipal and Agent (49, 52-1)—Liabilities of Agent to Thibd Pebson—Undisclosed Agency—Liability of Agent. One signing a note as sole trader, pledging collateral to a bank, and receiving shipments of canned salmon as consignee and endorsing the same and the notes of the fish company made payable to him personally, is, as to the bank, a principal upon the note and collateral agreement, even if he was an agent in his relations to the fish company.</p> <p>Pledges (8, 13)—Cabe of Pbopebty—Diligence—Enforcement—■ Rights of Pledgee. Under an agreement whereby canned salmon was pledged to a bank to secure advances, the bank is only required to exercise due and ordinary diligence in caring for and in reducing the collateral delivered to it; which it may do before maturity of the advances, where the collateral agreement so provides.</p>