Griffith v. Grogan
California Supreme Court
Appeal from the Twelfth District, County of San Francisco. This was an action to recover a sum of money. In March, 1853, the plaintiff, Griffith, loaned to the defendants, Grogan & Lent, $10,000, for which they were to pay the plaintiff three per cent, per month. In December, 1854, the defendants rendered their account to the plaintiff, and a settlement of the balance due was made.
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Appeal from the Twelfth District, County of San Francisco. This was an action to recover a sum of money. In March, 1853, the plaintiff, Griffith, loaned to the defendants, Grogan & Lent, $10,000, for which they were to pay the plaintiff three per cent, per month. In December, 1854, the defendants rendered their account to the plaintiff, and a settlement of the balance due was made. In such account the plaintiff is charged with a note of Hale & Vincent, for $2,500. This note was received without objection by the plaintiff, and was then left by him with the defendants for collection. Upon its…
1Opinion of the CourtField, J.
The money placed in the hands of the defendants, in March, 1853, *321cannot, in strictness, be termed a deposit. The defendants were to have the use of the money, and to allow interest upon it, although the plaintiff was at liberty to withdraw such portion of the same as he chose, at any time. It was, in fact, a loan payable in whole or in part, on demand. In what manner, therefore, the defendants used the money, it is of no consequence to inquire. It was to them, and not to any investments of the money, the plaintiff was to look for repayment.
In December, 1854, the defendants rendered their…
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