Pacific Nat. Agricultural Credit Corporation v. Hagerman

SADLER, Chief Justice.

For some years prior to November 1, 1931, Southspring Ranch & Cattle Company, a corporation, hereinafter called “the Ranching Company,” had been indebted in substantial amount-to Pacific National Agricultural Credit Corporation, the appellee herein. The indebtedness was secured by chattel mortgage on several thousand head of sheep and certain ranch equipment. Maturities from time to time were cared for by successive renewals. The creation of the indebtedness extended as far back as 1927. The capital stock of the Ranching Company was owned by the Plagerman family. Herbert…