Southwest Washington Production Credit Ass'n v. Fender

Respondent brought this action seeking foreclosure of a real estate mortgage and a chattel mortgage securing crop production loans made to defendants Fender. Appellants are holders of a mortgage on the same property, the lien of which was, by agreement, subordinated to the lien of respondent’s mortgages.

The principal contention made by appellants is that the action should have been dismissed, as respondent did not allege or prove compliance with the provisions of Laws of 1937, chapter 70, p. 245, § 12, Rem. Rev. Stat'. (Sup.), § 3836-12 [P. C. §4656-62], requiring plaintiff corporations to…