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CHATTERTON v. WAVERLY TERMINAL CO.

April 15, 1943

CHATTERTON
v.
WAVERLY TERMINAL CO.



The opinion of the court was delivered by: FAKE

This is a civil action by plaintiff for commissions alleged to be due for procuring the approval of a loan from the RFC Mortgage Company to the defendant.

Findings of Fact

 1. At the time of the commencement of the action and at the time of trial, the plaintiff's decedent, Robert T. Chatterton, was a resident and citizen of the State of New York, and the defendant, Waverly Terminal Company was, and still is, a corporation organized and existing under the laws of the State of New Jersey and a resident and citizen thereof. The amount in controversy in this action exceeds, exclusive of interest and costs, the sum or value of $3,000.

 2. On December 3, 1935 defendant filed an application for a mortgage loan from the RFC Mortgage Company seeking a loan of $775,000; at that time there was due to the City of Elizabeth the sum of $760,000 for unpaid taxes and interest accrued against the premises to be mortgaged, and the City of Elizabeth had instituted proceedings for the foreclosure of its tax liens. The object of the loan was to pay off these taxes.

 3. On February 6, 1936, plaintiff's decedent and defendant entered into an agreement, as follows:

 "In consideration of services rendered by Mr. Chatterton of Cross and Brown in conferring with Jesse Jones of RFC Corporation, we agree to pay to the said Mr. Chatterton, the sum of one per cent (1%) of any amount which the RFC may lend to Waverly Terminal Company by virtue of application previously filed with New York Office of the Reconstruction Finance Mortgage Company.

 "It is further understood that he is to receive this commission of 1% for the said loan if made through the RFC Mortgage Company, or through Reconstruction Finance Corporation, or whether it be made directly to the Waverly Terminal Company or indirectly for the benefit of said company.

 "The above commission is to be payable only if it does not conflict with the regulations of the RFC and with the understanding that it is to be the only such commission due to any party.

 "We further agree to pay expenses incident to the trip of the said Mr. Chatterton to Washington in connection with said loan.

 "Waverly Terminal Company

 "Adrian Riker

 "Pres."


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