TWELVE HUNDRED "L" STREET CORP. v. INLET COMPANY

No. 875.

438 P.2d 708 (1968)

TWELVE HUNDRED "L" STREET CORPORATION, an Alaskan Corporation, Appellant, v. INLET COMPANY, Inc., an Alaskan Corporation, Earl S. King, and R.J. Cherrier, Appellees.

Supreme Court of Alaska.

March 21, 1968.


Attorney(s) appearing for the Case

J.H. Shortell, of Irvine & Shortell, Anchorage, Byron D. Coney, of Dood, Russell & Coney, Seattle, Wash., for appellant.

H. Russel Holland, of Stevens & Holland, Anchorage, William L. Dwyer, Culp, Dwyer, Guterson & Grader, Seattle, Wash., for appellees.

Before NESBETT, C.J., and DIMOND and RABINOWITZ, JJ.


DIMOND, Justice.

Appellant owned an apartment building which was mortgaged to the Federal Housing Administration. The building was damaged by an earthquake in March 1964 so as to make it uninhabitable. As a result, the tenants vacated, rental ceased and appellant lost its source of revenue for making its monthly mortgage payments to the FHA.

In May 1964 appellant's president, H.W. Robinson, discussed with an FHA official the possibility of the appellant deeding...

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