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California Cotton Oil Corporation v. Rabb

357 P.2d 126, 88 Ariz. 375, 1960 Ariz. LEXIS 247
Arizona Supreme Court·Decided November 17, 1960·No. 6677·Published·Cited by 4 cases

Opinion

LESHER, Justice.

This is an action for breach of contract. From a judgment for the plaintiffs below, defendants appeal.

*376 Plaintiffs were the owners of a certain cotton farm located in Yuma County. They leased it to one Weaver for the crop year 1953-1954, under an arrangement by which they were to share equally with Weaver in the net crop income. In that lease plaintiffs agreed to subordinate, or “waive”, their lien on the crop to enable Weaver to obtain crop financing. On March 11, 1953, one of the plaintiffs, Mr. Rabb, met with Weaver and a Mr. Frost to arrange for financing of the crop. Frost was the manager of the C. & F. Gin Company, and is alleged for the purposes of the ensuing transactions to have been the agent of the defendants.

On that same day three documents were drawn. One, signed by Weaver, was a crop mortgage running to defendant California Cotton Credit Company. A second, executed by Rabb in accordance with his lease agreement with Weaver, was a crop lien waiver. The third was called a “Crop Budget”, and is set out in full below:

*377

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California Cotton Oil Corporation v. Rabb, 357 P.2d 126, 88 Ariz. 375, 1960 Ariz. LEXIS 247 (Ark. 1960).

357 P.2d 126 (California Cotton Oil Corporation v. Rabb) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

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