National Surety Co. v. Swasey

Early in the year 1926, A. E. Anderson, Inc., was the owner of a certain building lot in the city of Tacoma. The company planned to erect a dwelling house thereon, and, for the purpose of securing the necessary money to properly finance such building operations, borrowed from the College of Puget Sound six thousand dollars. Plans and specifications had been prepared, and the house was to be erected for a prospective purchaser, one Arthur N. Drips. An ex-ecutory contract of sale had been prepared and executed, covering the property in question, wherein and whereby Drips agreed to purchase and…