Elmonte Investment Co. v. Schafer Bros. Logging Co.

In January, 1925, C. H. Clemons and wife sold the Wynooche Timber Company all the merchantable timber upon a tract of land owned by them in Grays Harbor county. Under the terms of that contract, the timber company was given seven years in which to remove the timber. On September 30, 1927, Clemons and wife executed a mortgage to the Elmonte Investment Company, a domestic corporation, to secure payment on or before September 30, 1930, of the mortgagors’ note to the mortgagee. In November, 1930, at which time the note just described was past due and no timber had been removed from the land in…