Stuhr v. Yakima Valley Bank & Trust Co.

Pacific Ice & Cold Storage Company, a corporation (hereinafter referred to as the Pacific Co.), was operating its plant in the city of Toppenish, and, being desirous of floating a bond issue in the sum of twenty thousand dollars, issued its bonds aggregating that amount and executed a trust deed and mortgage, covering practically all its property, to the defendant, which agreed to act as trustee and as such accepted delivery of the bonds issued by the Pacific Co. At the time of this transaction, the property of the Pacific Co. was mortgaged to State Savings & Loan Association to secure a…