Peoples National Bank of Washington v. National Bank of Commerce of Seattle

February 24,1959, Chester M. Derbyshire and wife executed an agreement with Ray M. Perrin, a builder of homes, to sell certain real estate therein described to Mr. Perrin and his wife. Mr. Derbyshire agreed to plat the area into 7 plats, each containing approximately 33 residential lots, and to blacktop the streets, and install drains, water supply, and fire hydrants, according to King County and Federal Housing Administration specifications.

As each plat was deeded to Mr. Perrin, he would execute a note and. mortgage to Mr. Derbyshire on the plat pur chased, the notes to be paid in 12 months…