Skagit State Bank v. Rasmussen

Brachtenbach, J. —

Skagit State Bank brought this action to foreclose a mortgage on 60 acres of land, known as the "Bulb Farm," and to obtain a deficiency judgment. The issue is whether Robert Hayton, who voluntarily signed loan and mortgage documents without reading them, may avoid the obligations contained in them because the legal effect of the documents was misrepresented to him. The trial court and the Court of Appeals held that the docu ments were voidable by Hayton. We reverse.

In 1973, Hayton, Thomas Flint, and Russell Rasmussen formed a partnership, the Dry Slough Hay Company. In 1974…