(Download) "Twin Harbors Lumber Company v. Owen" by Supreme Court of Idaho No. 10048 * eBook PDF Kindle ePub Free

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Title: Twin Harbors Lumber Company v. Owen
Author : Supreme Court of Idaho No. 10048
Release Date : January 10, 1968
Genre: Law,Books,Professional & Technical,
Pages : * pages
Size : 65 KB

Description

This is an action by respondent, mortgagee, to foreclose two mortgages on real property. Respondent is a foreign corporation
which at the time of execution of the mortgages (and notes they secured) had not complied with Idaho's laws concerning qualification
by such a corporation to do business in this state. Not until after instituting this action and proceeding through several
preliminary matters, including a summary judgment hearing based in part on appellants, mortgagors, contention that respondent's
unqualified status barred it from bringing the action, did respondent six days before trial qualify to do business in Idaho. Appellants resisted the foreclosures on two grounds: (1) the mortgages were executed as a result of respondent's doing business
in Idaho at a time when respondent was not qualified to do business here; and (2) the mortgages, covering land upon which
small trees were growing, were in fact part of a scheme arranged by respondent to enable it to purchase those trees from appellants,
both respondent and appellants having contemplated and intended that the notes secured by the mortgages would be satisfied
exclusively by a portion of proceeds earned by appellants by delivery of such logs to a certain mill; and that upon the unexpected
closing of the mill, appellants' obligation to pay the notes secured by the mortgages was excused.