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WEST PICO FURNITURE CO. v. PACIFIC FINANCE LOANS

Docket No. L.A. 29656.

2 Cal.3d 594 (1970)

469 P.2d 665

86 Cal. Rptr. 793

WEST PICO FURNITURE COMPANY OF LOS ANGELES, Plaintiff, Cross-defendant and Appellant, v. PACIFIC FINANCE LOANS, Defendant, Cross-complainant and Appellant.

Supreme Court of California. In Bank.

June 1, 1970.

Attorney(s) appearing for the Case

COUNSEL

Ralph H. Winkler, Ellis J. Horvitz and Ted T. Ward for Plaintiff, Cross-defendant and Appellant.

Sheppard, Mullin, Richter & Hampton, George R. Richter, Jr., and Frank Simpson III for Defendant, Cross-complainant and Appellant.

David M. Turner, Styskal, Wiese & Colman, Alvin O. Wiese, Jr., Severson, Werson, Berke & Bull, James B. Werson, Buchalter, Nemer, Fields & Savitch, Jerry Nemer, Joseph Weissman, Kupfer, Silberfeld, Nathan & Danziger, Eli S. Silberfeld, Dinkelspiel & Dinkelspiel, Norman Coliver and John F. Taylor as Amici Curiae on behalf of Defendant, Cross-complainant and Appellant.

Thomas C. Lynch, Attorney General, and Arthur de Goede, Deputy Attorney General, as Amici Curiae.

OPINION

SULLIVAN, J.

In this action to recover statutory penalties for usury and to obtain an accounting we examine the financing methods of a personal property broker. We uphold the trial court's finding that the transactions under scrutiny did not constitute purchases by the broker of conditional sales contracts but were in fact loans by the broker secured by pledges of such contracts. As we explain infra, we conclude that...

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