(Download) "Cecil S. Wood and Edna M. Wood v. Kenneth" by Supreme Court of Idaho No. 10461 ~ eBook PDF Kindle ePub Free
eBook details
- Title: Cecil S. Wood and Edna M. Wood v. Kenneth
- Author : Supreme Court of Idaho No. 10461
- Release Date : January 09, 1970
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 67 KB
Description
Plaintiffs-respondents, Cecil S. Wood and Edna M. Wood, brought this action to foreclose a mortgage on real property, which
secured a $22,257 note, executed by defendants-appellants Kenneth R. Sadler and Jeannine E. Sadler in May and June, 1964.
Defendants-appellants replied with a variety of defenses and a counterclaim alleging that respondent Cecil Wood had charged
usurious interest on an obligation which underlay the note in this action. Upon trial, in October, 1968, the district court
took the action under advisement until a transcript was made and briefs and cross-briefs were filed. In March, 1969, the court
below entered findings of fact and Conclusions of law favorable to respondents and entered judgment and a decree of foreclosure
against appellants. From that judgment appellants appeal. Prior to May, 1963, Kenneth Sadler, and an associate named Lucas, in their capacity as chief officers of Blu-Chilla, Inc.,
a Wyoming corporation, and Mountain States Loan, a Wyoming corporation, sought to obtain a loan for those corporations. After
a lengthy and unsuccessful search for the money, they were able to persuade respondent, Cecil Wood, to lend them what they
needed. In May, 1963, Wood borrowed $50,000 from a bank at six per cent interest and loaned this sum to Blu-Chilla, Inc. and
Lucas and Sadler individually at eight per cent interest. The note provided that the $50,000 plus the eight per cent per annum
interest was payable within eighteen months in installments of at least $4,000 per month. On May 10, 1963, "a security agreement"
was entered into between Wood and Lucas (for the corporation and himself) which, inter alia, recited the obligation in the
terms of the note plus two per cent per month (later reduced to one per cent per month) "commissions for services rendered
and to be rendered." Although Sadler signed the note in Idaho, the rest of this loan transaction was consummated in Wyoming.