National Bank v. Puget Sound Lumber Co.

For some time prior to the times hereinafter referred to, the Upper Sound Logging Company had been engaged in the logging business. The company, finding itself in need of additional funds, applied to the Puget Sound Lumber Company for an accommodation of money. Respondent accordingly indorsed two promissory notes aggregating $10,500, which had been executed by the logging company and made payable to the appellant. In consideration of this accommodation, the logging company entered into. a contract to sell to respondent, upon its request, all of the logs to be cut from a certain tract of land…