Connon v. Goebel

Action by innocent purchaser for value before maturity of two negotiable promissory notes each secured by a separate mortgage upon a single tract of land in Los Angeles County. The usual decree of foreclosure and sale was entered. Defendants have appealed. The defense is usury at the inception of both transactions. The court found as a fact that usury was present. But this fact is not disclosed upon the face of the notes. The purchase for value before maturity without notice renders the plea of no avail as against plaintiffs. (Liebelt v. Carney, 213 Cal. 250 [2 Pac. (2d) 144, 78 A. L. R.…