Cambridge Development Co. v. U. S. Financial

Opinion

AULT, J.

In its original complaint, Cambridge Dev. Co., Inc. (Cambridge), charged respondents U. S. Financial and U. S. Mortgage with usury arising out of a transaction in which Cambridge borrowed $330,000 from the respondents to finance construction of 12 single-family residences and to pay off an existing encumbrance on the land. On the date of trial, September 30, 1968, Cambridge filed an amended complaint in which it added a cause of action alleging respondents had converted $24,000 of the loan proceeds. The case was tried without a jury. After a lengthy trial, the court found the…