Seattle Trust Co. v. Pitner

The opinion of the court was delivered by

Reavis, J.

Plaintiff (appellant here) is a corporation organized under the laws of this state in the year 1890. The business it did was chiefly the purchase of unimproved lands within and near the city of Seattle, the erection thereon of residences, and their sale at an advanced price. Usually part of the purchase money was paid in cash, and the remainder, an amount equal to about fifty per cent, of the value of the property, was secured by a first mortgage, and the residue by a second mortgage upon the property. The first mortgages were mostly sold by…