Vance v. Ingram

Plaintiff, an experienced skating rink operator, had an option to buy certain real estate located at Eighty-fifth and Fremont, in the city of Seattle. In addition, she owned equipment for a roller skating rink, such as skates, pipe organ, restaurant equipment, etc. In the summer of 1938, desiring to build a rink on the property referred to, plaintiff contacted the Reconstruction Finance Corporation, for the purpose of obtaining a loan, to be secured by a mortgage on the real estate and rink equipment. She also consulted one E. J. Beardsley, a building contractor, about the construction of the rink. On September 2, 1938, the RFC conditionally approved a loan of ten thousand dollars to plaintiff (then Kathryn Olson) to be secured by a mortgage upon the real and personal property and the personal guaranty of Mr. Beardsley. Shortly thereafter, Mr. Beardsley advised plaintiff that, on account of other construction work, he would be unable to erect the rink for her.