McCONNELL v. MERRILL LYNCH, PIERCE, FENNER & SMITH

Docket No. L.A. 31675.

33 Cal.3d 816 (1983)

662 P.2d 916

191 Cal. Rptr. 458

JOHN A. McCONNELL et al., Plaintiffs and Appellants, v. MERRILL LYNCH, PIERCE, FENNER & SMITH, INC., Defendant and Respondent.

Supreme Court of California.

May 19, 1983.


Attorney(s) appearing for the Case

COUNSEL

Roger J. Aull, Marcus Crahan, Jr., and Jack D. Scott for Plaintiffs and Appellants.

Macdonald, Halsted & Laybourne, Orville A. Armstrong and Joel Mark for Defendant and Respondent.


OPINION

MOSK, J.

Section 2 of the Usury Law provides in part that "interest shall not be compounded ... unless an agreement to that effect is clearly expressed in writing and signed by the party to be charged therewith."1 The issue in this case is whether, in an action alleging violation of the section, parol testimony of the borrower, and written communications...

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