Leon v. Zlatkin

Solomon and Bessie Zlatkin own a summer hotel at South Haven, Michigan. They borrowed from plaintiff, Morris B. Leon, the sum of $6,830 on May 11, 1928, and in return gave him their note for $8,000 with interest at 7 per cent., payable September 15,1930. They secured the note with a real estate mortgage on the hotel property and a chattel mortgage on the personal property used in connection with the hotel. The $1,170 difference between the amount of money received and the amount of the note represented a bonus or commission of $1,120 paid to the plaintiff for making the loan and a $50…