Richardson v. Rowland

MASSEY, Chief Justice.

Defendant Marvin L. Richardson was the owner of a parcel of land, upon which he desired to erect an additional building. He needed a loan in finance of such new construction. Plaintiffs Joe F. Rowland and Frank Wood, d/b/a Rowland & Wood Company, were in the loan brokerage business. They secured the signature of the defendant to a contract in which he bound himself to pay them a commission of $1,000, conditioned upon their securing for him a ten-year term loan of $20,000, repayable in (equal) monthly installments, plus interest. Plaintiffs procured from an 'insurance…