Kathman v. Wakeling

Kalin, J. †

Herman Kathman and Clair Wakeling were partners in a trailer park in Woodinville. They formed a corporation to further develop the trailer park, each partner owning 50 per cent of the stock. Wakeling then offered to purchase Kathman’s interest in the corporation and, on March 26, 1962, an agreement was reached. By the terms of this agreement, Wakeling was to purchase Kathman’s share for $55,840, evidenced by two promissory notes. These parties agreed to assist each other in obtaining a $100,000 loan from the Bank of America.

The loan was obtained but Wakeling felt more funds were…