Mayer v. First National Bank of Oregon

McAllister, j.

This declaratory judgment proceeding was brought by Donald J. Mayer to obtain a declaration of his rights arising out of a series of financial transactions involving Pam Corporation, a manufacturing concern, the First National Bank of Oregon, and others, including plaintiff. The transactions occurred during a three-year period preceding Pam’s bankruptcy in 1967. A brief resume of these transactions is necessary to an understanding of the issues involved in this appeal.

In 1964 First National Bank extended a line of credit to Pam and took as security for its loans a security…