Wood v. Froerer Corp.

OPINION

By the Court,

Thompson, J.:

This action was commenced by copartners Wood, Klassen and Orcutt, d.b.a. Pioneer Land and Livestock, to enjoin the foreclosure of a trust deed. They also sought a declaratory judgment that the underlying loan was usurious and that only the principal balance of the obligation was owed. The defendant, Froerer Corporation, is a licensed mortgage broker in Utah. After receiving evidence, the district court found that Froerer was not the agent of the lenders of the money, and that it was permissible for Froerer to charge a commission for its services. Injunctive…