Whittemore Homes, Inc. v. Fleishman

This is an action to recover interest paid on an alleged usurious loan.

In general substance, the facts revealed by the record before us are as follows: Plaintiff owned 76 lots in Bakersfield. It needed $45,000 to construct residences thereon for sale. On October 31, 1957, defendant had sold his business, the transaction was in escrow and he desired to reinvest the money shortly expected therefrom. On that date plaintiff and defendant signed an agreement by which defendant agreed to advance to plaintiff the sum of $45,000 if the money was forthcoming within 30 days from the sale of his…