Jennings Country Club Homes, Inc. v. General Capital Corp.

The parties, Jennings Country Club Homes, Inc., hereinafter referred to as Jennings, and General Capital Corporation, hereinafter referred to as Capital, entered into an agreement providing for Capital to lend a large sum of money to Jennings to purchase sixty-five lots on which to construct residential houses and to then offer the houses for sale to the public. In addition to interest provided for in the note, Capital would receive forty per-cent of the profits from the sale of the improved or unimproved lots, as additional compensation for the loan. By its terms the note came due in two…