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Business Associations Keyed to Coffee, 9th Ed.
Sherwood & Roberts-Oregon, Inc. v. Alexander
Citation:
269 Or. 389, 525 P.2d 135 (1974)Facts
The defendants were real estate developers seeking financing for a land development project. The plaintiff, Sherwood & Roberts-Oregon, Inc., suggested securing a commitment for a long-term loan. Due to usury law restrictions on loans to individuals, plaintiff informed defendants that any loan would need to be made to a corporation. Plaintiff required a “good faith deposit” of 1% of the proposed loan amount, to be refunded if no commitment was secured. When preparing the note, plaintiff asked Alexander what corporation would borrow the money. Although no corporation existed, Alexander provided the name “Iron Mountain Investment Co., Inc.” The note was prepared and signed by Alexander for this non-existent corporation. Plaintiff secured a loan commitment, but defendants rejected it. Plaintiff then sued to recover on the good faith deposit note, arguing defendants were personally liable under ORS 57.793.
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