Mitchell v. Automobile Owners Indemnity Underwriters

EDMONDS, J. —

Considering only the essential facts relating to the controversy which is the subject of this appeal, the question for decision concerns the right of a pledgee to collect upon collateral more than four years after the note for which the collateral was given had matured.

The Insurance Commissioner of the state is liquidating Automobile Owners Indemnity Underwriters, an inter-insuronce exchange, under appointment of the superior court. In his capacity as liquidator, the commissioner holds a note and deed of trust made by one Bassett which were given to the Underwriters as collateral…