Devore v. Northernbanc Securities Co.

Prior to March 24, 1931, the plaintiff was the owner of a promissory note secured by a mortgage upon a parcel of real property in Yamhill county. March 24,1931, she indorsed this note, without restriction, to the Northernbanc Corporation which later became insolvent. August 21, 1931, the Northernbanc Corporation indorsed the note to a corporation entitled Staver, Soule & Therkelsen, Inc., which agreed to take the note, as well as others, as trustee for a group of creditors of the Northernbanc Corporation, liquidate these securities as promptly as possible, and then distribute the proceeds…