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KELLY v. UNITED FINANCIAL CORP. OF CALIFORNIA

Docket No. 37576.

18 Cal.App.3d 686 (1971)

96 Cal. Rptr. 169

JAMES A. KELLY et al., Plaintiffs and Appellants, v. UNITED FINANCIAL CORPORATION OF CALIFORNIA et al., Defendants and Respondents.

Court of Appeals of California, Second District, Division Four.

July 12, 1971.

Attorney(s) appearing for the Case

COUNSEL

Cooney & Cooney and Harold Ephraim Hanson for Plaintiffs and Appellants.

Swerdlow, Glikbarg & Shimer and Richard H. Floum for Defendants and Respondents.

OPINION

KINGSLEY, J.

Plaintiffs were the sole officers and shareholders of Krim Construction Company (hereinafter "Krim"). To finance a student housing project in Isla Vista, California, Krim entered into a "take-out" agreement with United. This written agreement provided that, upon certain conditions to be met by Krim, United would loan Krim $950,000 by April 18, 1964. On November 25, 1964, United extended its commitment until November...

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