RIDGLEY v. TOPA THRIFT & LOAN ASSN.

Docket No. S061765.

17 Cal.4th 970 (1998)

ROBERT M. RIDGLEY et al., Plaintiffs and Appellants, v. TOPA THRIFT AND LOAN ASSOCIATION, Defendant and Appellant.

Supreme Court of California.

April 20, 1998.


Attorney(s) appearing for the Case

COUNSEL

Jill A. Thomas, Lewitt, Hackman, Hoefflin, Shapiro, Marshall & Harlan and Richard M. Hoefflin for Plaintiffs and Appellants.

Nebenzahl, Kohn, Davies & Leff, Randall S. Leff, M. Randall Davies and Gerald S. Frim for Defendant and Appellant.


OPINION

WERDEGAR, J.

Defendant loaned plaintiffs $2.3 million for two years, secured by real property plaintiffs had improved and intended to sell. Plaintiffs sold the property before the loan matured and, on defendant's demand, repaid the loan principal, together with a prepayment fee of about $113,000, equal to six months' interest. Under the parties' loan agreement, plaintiffs owed defendant a prepayment fee at the time of sale...

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