Straus v. Wilsonian Inv. Co., 24115.
| Decision Date | 12 January 1933 |
| Docket Number | 24115. |
| Citation | 171 Wash. 359,17 P.2d 883 |
| Parties | STRAUS v. WILSONIAN INV. CO. |
| Court | Washington Supreme Court |
Department 2.
Appeal from Superior Court, King County; Howard M. Findley, Judge.
Action to foreclose a mortgage by Samuel J. T. Straus, as trustee against the Wilsonian Investment Company. From an order appointing a receiver, defendant appeals.
Affirmed.
Bogle Bogle & Gates and Warren Brown, Jr., all of Seattle, for appellant.
Peters Evans & McLaren, of Seattle, for respondent.
This is an appeal from an order appointing a receiver in an action to foreclose a mortgage.
The following is a statement of facts, about which there is no controversy: The property against which foreclosure is sought is owned by appellant and operated by it as a hotel. Appellant acquired title from the mortgagors, George W Wilson and Corinne Simpson Wilson, without assuming the mortgage. The Wilsons are both deceased, and their estates are hopelessly insolvent. The balance due on the mortgage is approximately $310,000, and the property is worth not to exceed $240,000.
At the time the application for a receiver was made, there were part-due and delinquent taxes on the property amounting, with interest, to $8,809.52. Between September 18, 1931, and March 17, 1932, appellant had paid to Charles F. Clise, its president, and to Mr. Beecher, its secretary, $11,950, on account of moneys advanced by them some time previous.
There is a sharp dispute as to whether there was profit or loss in the operation of the hotel between January 1, 1931, and March 1, 1932. There is no doubt, however, that there was an operating profit; i. e., that income exceeded the operating expense. From this operating profit the appellant paid to its president and secretary, not as such, but as creditors, a sum in excess of the delinquent taxes. With these facts Before it, the court entered an order providing that, unless the taxes due, and past due, were paid within ten days, a receiver would be appointed. The taxes not having been paid an order was entered May 9, 1932, which contained the following: 'It is further ordered that said receiver be and he is hereby authorized and empowered to conduct, manage and operate said property and apply all income received or derived therefrom first, toward the actual operating expenses properly incurred by him as receiver; secondly, toward the expenses of said receivership as the same...
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Travelers Ins. Co. v. 633 Third Associates
...mortgaged real property has been held to be actionable waste remediable at equity in other jurisdictions. See Straus v. Wilsonian Inv. Co., 171 Wash. 359, 17 P.2d 883, 883 (1933). The principle makes good sense--from the secured creditor's vantage point, a tax lien on the secured property m......
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Boucher Investments, LP v. ANNAPOLIS-WEST LTD.
...("the failure of a life tenant to pay taxes has been held waste in so far as the remainderman is concerned"); Straus v. Wilsonian Inv. Co., 171 Wash. 359, 17 P.2d 883, (1933) (the failure to pay taxes imposes a burden on mortgaged property and therefore constitutes Other state courts have a......
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Travelers Ins. Co. v. 633 Third Associates
...mortgaged real property has been held to be actionable waste remediable at equity in other jurisdictions. See Straus v. Wilsonian Inv. Co., 171 Wash. 359, 17 P.2d 883, 883 (1933). This principle makes good sense--from the secured creditor's vantage point, a tax lien on the secured property ......
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Travelers Ins. Co. v. 633 Third Associates, 91 Civ. 5735 (CSH).
...mortgaged real property has been held to be actionable waste remediable at equity in other jurisdictions. See Straus v. Wilsonian Inv. Co., 171 Wash. 359, 17 P.2d 883, 883 (1933). The principle makes good sense — from the secured creditor's vantage point, a tax lien on the secured property ......