Pacific National Bank v. Richmond

Hudson Bay Company (hereinafter Company) appeals from a decree foreclosing a real property mortgage. The trial court found Pacific National Bank of Washington (hereinafter Bank) to be a holder of a prior recorded mortgage and entitled to a lien preference over the equitable interest claimed by the Company.

The Bank, over a period of years, had granted loans to an individual and his corporation to assist in financing a mink breeding and pelting business. The outstanding balance of these loans at the time pertinent was approximately $245,000, secured by a security agreement on the mink and their…