Wylde v. Schoening
Citation | 96 Wash. 86,164 P. 752 |
Decision Date | 01 May 1917 |
Docket Number | 13620. |
Parties | WYLDE et ux. v. SCHOENING et ux. |
Court | United States State Supreme Court of Washington |
Department 1. Appeal from Superior Court, King County; John S. Jurey Judge.
Action by Samuel Wylde and wife against Charles Schoening and wife. From a judgment for plaintiffs, they appeal. Reversed, and cause remanded for further proceedings in accordance with the opinion.
Andrew J. Balliet, of Seattle, for appellants.
E. H Guie, of Seattle, for respondents.
This is an action for conversion of a nonnegotiable promissory note. On May 14, 1910, defendants were the owners of a certain 80 acres of land in King county, and on or about that date sold the same to plaintiffs and a number of other persons. The purchase price was $26,000, of which the sum of $2,000 was paid in cash. The balance, evidenced by six nonnegotiable promissory notes for $4,000 each, was secured by a purchase-money mortgage on the property. The mortgage contained provisions as follows:
Plaintiff Samuel Wylde, having been instrumental in negotiating the sale of the property, defendants, as a commission for his services, indorsed to plaintiffs the sixth or last of the promissory notes, defendants retaining possession of that note under the following written agreement:
Soon after May 14, 1910, the land was platted into 320 quarter acre tracts in accordance with the terms of the mortgage for the purpose of resale. Whenever one of the tracts was sold it was released from the mortgage lien upon the payment to defendants of $100, which amount was credited upon the notes. In December, 1912, defendants, for their personal use and benefit, borrowed, through one Fred E. Sander, as agent, $7,000 from the People's Savings Bank, of Seattle. As collateral security for this loan, on December 28, 1912, they executed and delivered to the bank in writing an absolute assignment of the $24,000 mortgage and the six notes. The assignment included the note for $4,000, which defendants held in trust for plaintiffs. It is this act which is relied upon as a conversion. In January, 1915, 160 of the quarter acre tracts were sold to certain persons, as the court found, 'for the purpose of facilitating the sale of the land.' It appears that prior to that time plaintiffs had parted with their interest in the land. No money was paid on this sale, but a note for $16,000, secured by a mortgage covering these tracts, was given by the purchasers to defendants. This mortgage was pledged to the bank as collateral security for defendants' loan in the same manner as the $24,000 mortgage, and on May 5, 1915, the bank released from the lien of the original $24,000 mortgage the 160 quarter acre tracts covered by the $16,000 mortgage. On learning these facts plaintiffs demanded that the $16,000 be credited on the $24,000 mortgage. This was refused. Thereafter the indebtedness of defendants to the bank which had been reduced to about $4,000 was taken over by the Seattle Land & Improvement Company, a corporation, of which Sander is president, and the $24,000 mortgage and notes, including that of plaintiffs, and also the $16,000 mortgage were assigned to it by the bank. After this latter assignment, Sander indorsed on the $16,000 note a memorandum to the effect that the amount named in that note would not be credited on the original $24,000 notes and mortgage until actually paid in money. The trial court found most of the facts substantially as above stated, and specifically:
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First Nat. Bank v. Dunbar
...they declared that the jury might consider the face value of the voucher to be prima facie its value at the time of the sale. Wylde v. Schoening, 96 Wash. 86. (5) The of res judicata should have prevented the submission of the defendants' counterclaim to the jury at the second trial, since ......
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Grays Harbor County v. Bay City Lumber Co., 32925
...The converted property in Hofreiter v. Schwabland, 72 Wash. 314, 130 P. 364, was a house. The measure of damages in Wylde v. Schoening, 96 Wash. 86, 164 P. 752, was the value of the note in question as measured by the value of the land by which was secured, less the amount of certain other ......
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First Nat. Bank v. Dunbar et al., 22547.
...that the jury might consider the face value of the voucher to be prima facie its value at the time of the sale. Wylde v. Schoening, 96 Wash. 86. (5) The principle of res judicata should have prevented the submission of the defendants' counterclaim to the jury at the second trial, since ther......
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Knudsen v. Hill
...date of the conversion.' (Emphasis supplied.) (Op. cit. 85 A.L.R.2d p. 1352.) One case is cited as authority for the rule, Wylde v. Schoening, 96 Wash. 86, 164 P. 752. The rule is apposite here because the Cracraft note is a 'purchase price obligation,' and in the event of foreclosure no de......