SARLOT-KANTARJIAN v. FIRST PA. MORTG. TRUST

No. 77-3232.

599 F.2d 915 (1979)

SARLOT-KANTARJIAN, a General Partnership composed of Raymond R. Sarlot and Karl G. Kantarjian, Plaintiff/Appellant, v. FIRST PENNSYLVANIA MORTGAGE TRUST, a voluntary association organized under the laws of the Commonwealth of Massachusetts and Associated Advisers, Inc., a Delaware Corporation, Defendants/Appellees.

United States Court of Appeals, Ninth Circuit.

July 2, 1979.


Attorney(s) appearing for the Case

Jerome Zamos, Zamos, Hofmann & Roberts, Santa Barbara, Cal., for plaintiff/appellant.

Fred F. Gregory, Gibson, Dunn & Crutcher, Los Angeles, Cal., for defendants/appellees.

Before HUFSTEDLER and WALLACE, Circuit Judges, and FITZGERALD, District Judge.


FITZGERALD, District Judge.

Sarlot-Kantarjian, a partnership engaged in real estate development, appeals from a summary judgment entered in favor of First Pennsylvania Mortgage Trust, a real estate investment fund, in an action for recovery of usurious interest and for declaratory relief. The district court concluded that the parties' selection of Massachusetts law in the loan agreement was valid and binding although the interest rate allowable under Massachusetts...

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