(Download) "West Pico Furniture Co. V. Pacific Finance Loans" by Supreme Court Of California # eBook PDF Kindle ePub Free

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eBook details

• Title: West Pico Furniture Co. V. Pacific Finance Loans
• Author : Supreme Court Of California
• Release Date : January 01, 1970
• Genre: Law,Books,Professional & Technical,
• Pages : * pages
• Size : 83 KB

Description

In this action to recover statutory penalties for usury and to obtain an accounting we examine the financing methods of a personal property broker. We uphold the trial court's finding that the transactions under scrutiny did not constitute purchases by the broker of conditional sales contracts but were in fact loans by the broker secured by pledges of such contracts. As we explain infra, we conclude that the loans were exempted from the provisions of the Personal Property Brokers Law prescribing maximum charges and rates, were not violative of specified provisions of that law so as to render them void and unenforceable, and were not usurious. Accordingly, we conclude that plaintiff is not entitled to relief under the above law, the general usury law, or the common law, and that defendant is entitled to relief on its cross-complaint. We reverse the judgment with directions.

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