Murphy v. McCarty

PORTER, Justice.

The plaintiffs are engaged in the sawmill business in Latah County, Idaho. On June 3, 1948, they entered into a so-called “Loan Agreement” with one Uno C. Fogelstrom. By the terms of such agreement, Fogel-strom agreed to advance to plaintiffs the approximate sum of $29,000 immediately, and to make further advances, for the use of the plaintiffs in their sawmill business and in carrying out the terms of the loan agreement. The loan agreement also contained numerous provisions governing the handling of the products of the mill and purchase of same by Fogelstrom. To secure these…