Fogelstrom v. Murphy

PORTER, Justice.

On and prior to June 3, 1948, appellants were engaged in sawmill and woods work business in Latah County. Their heavy indebtedness was affecting their ability to operate. On the mentioned date, they entered into a “loan agreement” with respondent. By the terms of such agreement, respondent agreed to immediately advance to appellants the approximate sum of $29,-000.00 to apply on their indebtedness and to make further advances for the use of appellants in their business and in carrying out the terms of the loan agreement. The loan agreement also contained numerous provisions…