T. Hofman-Olsen, Inc. v. Northern Lumber Mfg. Co.

OVERTON, .1.

T. Hofman-Olsen, Inc., under a contract dated June 16, 1923, agreed to advance to the Northern Lumber-Manufacturing Company, Inc., whom we shall refer to as the relator, the funds required by it to operate its sawmill. To represent each advance made, relator executed its note, secured by chattel mortgage on a specified quantity of lumber, described in each act of mortgage. Fifty-eight advances were made from time to time, and a like number of notes and mortgages were executed. These notes and mortgages range in amount from, say, approximately, $1,200 to $7,900 each, and aggregate,…