State Finance Co. v. Moore

Citations

• 103 Wash. 298
• 174 P. 22

Syllabus

<p>Mortgages — Foreclosure—Parties-—-Real Party in InterestAssignee oe Mortgage. Under a written assignment of a mortgage, the assignee, which was a subsidiary corporation of the mortgagee, may sue to foreclose the mortgage as the real party in interest, since the judgment will bind the mortgagee and the defendants are entitled to all defenses they might have made against the mortgagee.</p> <p>Bills and Notes — Discharge—Makers as Owners — Rights of Third Parties — Statutes. The makers of a note who became the owners before maturity and put it up as security for a bond issue are not discharged by the operation of Rem. Code, § 3509, providing for the discharge of the principal debtor who becomes the holder of the instrument at or after maturity; since the statute does not apply as to a person not a party to the instrument where the principal debtors admit it is still in force, and since the makers, though owners, were not the holders and became owners before maturity.</p> <p>Mortgages — Foreclosure —■ Conveyance Subject to Mortgage Pledged as Collateral- — Judgment — Amount. The purchasers of mortgaged property subject to the mortgage must be assumed to have deducted the amount of the mortgage from the purchase price; and upon foreclosure of the mortgage by an assignee holding the same as collateral security for less than its face, the judgment of foreclosure should be for the full amount of the mortgage debt, and not limited to the amount for which it was pledged, for the protection of the former owner of the mortgaged premises, though he had become owner of the mortgage pledged; since he conveyed the premises subject to the mortgage anticipating to be recompensed by receiving the face of the mortgage debt less the indebtedness for which it was pledged.</p>