Marquam v. Ross

• Decision Date: 17 July 1906
• Citation: 47 Or. 374,86 P. 1
• Parties: MARQUAM v. ROSS et al.
• Court: Oregon Supreme Court

86 P. 1

47 Or. 374

MARQUAM v. ROSS et al.

Supreme Court of Oregon

July 17, 1906

On rehearing. Denied.

For former opinion, see 83 P. 852.

HAILEY, J.

The petition for rehearing in this case was filed February 28 1906. We have carefully considered the questions therein presented, and in so doing have reviewed the entire record in the case. The only question raised in the petition for rehearing that is not fully discussed in the opinion heretofore rendered is that of the effect of the supplemental agreement of November 27, 1896, between the plaintiff Marquam, and his wife, the title company, and the Northern Counties Investment Trust, Limited. The plaintiff contends that this supplemental agreement explains more fully the purposes of the other agreements and confers a power of sale upon the title company by the following language used therein: "It is stipulated that the properties mentioned in the said trust agreements and hereinafter described, and the proceeds which may arise from them, either from rents issues and profits or from sales, shall be held by said Title Guarantee & Trust Company, under said existing trust agreements and hereunder until such time as that the indebtedness due upon the judgment hereinbefore mentioned, together with the legal interest thereon, shall be fully paid and satisfied, or until the trust fund and trust properties by the Title Guarantee & Trust Company held under the said trust agreements shall become exhausted; but this agreement shall not be construed as impairing the priorities already created by the said several trust agreements above mentioned, including any past or future advances made according to their terms, or entitle the Northern Counties Investment Trust, Limited, to any payments from the trust fund on account of said indebtedness due it, until all of the rights or interests in any of the said properties, and the trusts created therein in any of the parties mentioned in the said trust papers are fully satisfied, in accordance with the said trust papers, save and excepting the interests and rights therein of P.A. Marquam and Emma Marquam, or either of them, but as to them the right is now created and intended to be conferred on the Northern Counties Investment Trust Limited, as a beneficiary of the trust fund and estate in the hands of the said the Title Guarantee & Trust Company, shall be deemed prior to any interest or right therein of the said P.A....