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MISSION HILLS DEV. v. WESTERN SMALL BUSINESS INV.

Docket No. 24523.

260 Cal.App.2d 923 (1968)

67 Cal. Rptr. 505

MISSION HILLS DEVELOPMENT CORP. et al., Plaintiffs and Respondents, v. WESTERN SMALL BUSINESS INVESTMENT CO. et al., Defendants and Appellants.

Court of Appeals of California, First District, Division One.

April 11, 1968.

Attorney(s) appearing for the Case

Rea, Frasse, Anastasi, Clark & Lewis, William G. Clark, Eleanor M. Kraft and Kraft & Kraft for Defendants and Appellants.

Faber L. Johnston and Faber L. Johnston, Jr., for Plaintiffs and Respondents.

ELKINGTON, J.

Defendants appeal from a judgment declaring certain promissory notes to be usurious with no interest due thereon, and adjudging that they repay to plaintiffs such interest as had theretofore been paid.

Plaintiff owned approximately 182 acres of land of which 120 acres had been developed into a golf course. The remaining 62 acres had a fair market value of $6,000 per acre and were being held for future residential development. The golf course...

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