Keane v. Fidelity Savings & Loan Ass'n

J. F. McDonald acquired title to land in Spokane for the purpose of erecting* thereon an apartment house of the estimated cost of $120,000. McDonald entered into a construction financing agreement with the Fidelity Savings & Loan Association, under the terms of which the former was to put up $45,000 cash and the latter was to advance $75,000 and take a first mortgage on the property. The mortgage was executed and duly placed of record. The general contract for the construction of the building was given in October, 1930, by McDonald to Pete Young, and building operations then began. The loan…