United States Savings & Loan Co. v. Cade

Citations

• 15 Wash. 38
• 45 P. 656
• 1896 Wash. LEXIS 133

Syllabus

<p>FOBECLOSUBE OF MOBTGAGE TO BUILDING ASSOCIATION — CHANGE OF ' COBPOBATE NAME — EVIDENCE — WHEN DEFAULT ACCHUES.</p> <p>In the foreclosure of a mortgage to a corporation, the admission of other than record proof as to the change of- name of the corporation from that stated in the mortgage to the one under which, the action was prosecuted is not prejudicial error, when the record also shows a finding, without an exception to it, that “the plaintiff company was and now is the owner and holder of said mortgage.”</p> <p>In the foreclosure of a mortgage by a loan and building company the certificate of stock issued by it to defendant, with his assignment of the same to the company, is admissible in evidence¡ when reference thereto is made in the note and mortgage.</p> <p>Where a note and mortgage given to a loan and building company provide that in case the maker fails to pay any installment of interest or make any monthly payment on certain stock in the company, which had been issued to him and assigned to the company as further security, for the period of three months after the same shall become .due, then the whole sum with interest shall upon the election of the company become due and payable, the default does not become fixed for the purposes of the adjustment of the account between the parties, until the company elects to declare the entire amount due and payable, but until such time the contract continues in force entitling the company to accruing interest and payments upon the certificates of stock assigned to it.</p>