Orlando v. Berns

WOOD (Fred B.), J.

Of the issues discussed by the parties upon this appeal two are crucial: (1) Was this a loan transaction? (2) If so, was it a usurious loan?

The principal undisputed facts are as follows: During the period 1947-1950 plaintiff had been improving certain of his real property. By July, 1950, he had become indebted in the sum of $178,150.48 and was in imminent danger of losing the property and improvements by foreclosure or forced sale. He encountered difficulty in getting a loan to liquidate his debts and sought the assistance of defendant Herman Berns. Their negotiations…