Werby

Plaintiff had agreed to finance the purchase by Allied Wholesale Lumber Company, a corporation, of large quantities of Swedish insulation board. As the market for this product weakened, plaintiff sought relief from its obligation. Defendant Donald E. Werby was president of Allied. He and his wife executed a letter by which he acknowledged an advance by plaintiff, and agreed to secure letters of credit which would cover plaintiff’s remaining financing obligations. Plaintiff’s complaint is based upon this agreement. Defendants’ answer alleged that the letter had been superseded by an oral agreement between Donald and plaintiff, fully executed by Donald, that he would sell the board for plaintiff’s account and would be paid for such services. Donald’s cross-complaint sought this compensation.

After non jury trial, the court found that the letter agreement had been executed as alleged in the complaint, but that it had been wholly superseded by an oral agreement with Donald which had been fully performed by him. All other allegations of the complaint and cross-complaint were found to be untrue. No recovery was allowed on either complaint or cross-complaint, and defendants were awarded…