The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1893-03-19
IEDITORS AT OUTS,
- TO Foreclose on Seattle
National Bank Block.
90 SETS OF CLAIMANTS.
.x.sAsvs want to Take Property
>..S.,on On Porterfieid Scrip
Csse-Ths Blotter.

- Ant step in what PROMISES W pe
...,,v contested legal battle was taken
1~.d.v when . complaint seeking to
I.so.e 4 trust deed in favor Of the bond
49,, vas fled in the superior court by
-. tyustee. g. W. f. Griffith, against the
1910 National Bank Building Company,
- z. Carter and about fifteen judg-
- rred;tors and lien holders of the
-rsny. The amount sought to be re-
1psssd il $o6s, 80
rhose cited as defendants rs having
..a.ments or liens against the company
nR:
-. Weatern Farm Mortgage Trust Company;
M..-.,A p,,ston. administrator OF the estate Of
a P. Carter: the stimson Mill Company, the
s.tr,e eayings bank, r. V. Dwyer & Bros,
rs,,,,e, Fuller L. Co., II. NJ. vieis 4 Co., John
,.,tiasop, the seattle National bank: the
s-Ae,, national bank, of Rochester. n. Y: the
erdoa Hardware Company. the Mechanics
mi and Lumber Company. Matthew Dow, the
~uufy Of King, Helen NJ. Walthew. Smith 4
vyusn and Otis Bates & Co.
ri alleged that the Seattle National
INK Building Company on May l, 1890,
s.eutsd trust deed conveying the title
| Z he two lots upon which the building
sands 70 the Western Farm Mortgage
frrx Company, of Lawrence. Kan, as
trustses. TO secure an issue of $3.50, 600 worth
| # beuds. In this trust deed it was pro-
y;ded that on failure to pay interest or
prseipsl the deed might be foreclosed by
srsemsnt Of majority Of the bondhold-
n Il vas also provided that the present
sIsint;K, G. w. 4. Griffith, should DO the
succsesor to the Western Farm Mortgage
Company In the trust. On the strength of
| shs deed, in which were covenants Of war
r,sty and to the effect that the compeny
~ owner of the property In fee simple
IA that II was free from encumbrances,
III bonds were disposed of in the East.
| Aisay In New York and Philadelphia. 1t
alleged that in point Of fact the Seattle
yaisaaI Bank Building Company was not
IL s6uer of the property, but held 1t
rpder contract with J. ID. Lowman, as
Trustee for the late Henry L. Yesler. The
xrped price to be paid for the property
~ $4,000, but only $40, coo was paid in
ush and go, 600 was still due Yesler un-
n the contract. When the latter began
| % press for payment, it 10 alleged that H.
l. I.L -
bondhoider in the company, agreed to
loan the money to it on the condition that
the property should be conveyed to his
son, George r. Carter, to be held in trust
Tor the company. and to secure himself
upon the loan. As q matter of fact the
desd Vas absolute on its face, and con-
veysd the property to George r. Carter, in
vhoss name the legal title now stands.
One Of the objects Of this action 10 to have
this deed to Carter declared . mortgage
saIy, and subject and inferior to the lien
d the deed of trust. In support Of this
contention it IL urged that the
deed was taken by Carter merely
10 secure the payment Of . sum
u money: that Carter knew when
n took this deed, Of the priority of the
lsed Of trust; that he knew that the West
I'm Farm Mortgage Company had been
n possession OF the premises; and that
sll the bonds secured by the trust deed
bad been sold. 1t is also asserted that
nous OF the bondholders except Carter
knew that the Seattle National Bank
Building Company was not the owner of
the premises or that the covenant Of war
nnty was untrue; also that neither the
trustees nor the bondholders ever con-
ssnied that Carter should acquire a lien
upon the property superior to that of the
bondholders. nor did they have any notice
Of the execution Of the deed to Carter or
Of the agreement between him and the
company.
Continuing. the complaint sets forth
that the interest coupons attached to the
bonds have renamed unpaid since No
vember 1, 1891, and that, acting under the
provisions of the deed Of trust. the major
ny Of the bondholders have elected to
declare the whole amount of the principal
dthe bonds payable at once.
The trustee, G. w. +. Griffith, was &C.
eofdingly instructed TO institute fo-eclos-
IRE proceedings. and he therefore de-
nands judgment against the Seattle Ma
tional Bank Building Company for $266.
20 and that his claim be declared first
lien on the premises: furthermore. that
GEORGE X. Carter and Harold Preston, ad-
Illustrators of the estate Of II. A. L. Car
sf, be required TO set forth any claim that
Ney may have upon the premises: that
any such claim NAV be declared lien
subsequent TO that of the plaintiff. and
that the Seattle National Bank Building
company may be decreed TO be the legal
esnsr OF the property subject to the plain.
III 5 lien; that the other defendants set
iorih their claims. and that they be de-
CARED subject to that of the plaintiff:
fhalsy. that the Seattle National Bank
building NAV he advertised and soiI A.
eofding 10 law, without appraisement. and
Mas the proceeds be applied as the court
nav direct.
The plaintiffs are represented by Hughes,
Hastings 4 Stedman, Of this city, and
paaning, Richards, Murray 4 Pratt, OF
Tacoma