Epstein

We are called upon to decide several novel issues, some of which are matters of first impression in California:

The Facts

National Educational Services (hereinafter referred to as NES) is a California limited partnership. Barbara Frank (hereinafter referred to as Frank) is the sole general partner.

Frank, acting in her capacity as general partner for NES, executed 15 promissory notes between March 31, 1969, and January 21, 1971. A description of the notes is as follows:

The persons named as payees under the aforedescribed promissory notes filed an action to enforce collection of the notes against Frank and NES on January 10, 1975.

As a defense to the collection of the notes Frank and NES asserted that all but five of the fifteen notes were barred by the statute of limitations, and all but four of the notes were usurious so as to preclude the payees from claiming -any interest on those notes that were usurious.

The trial court held that eight of the fifteen notes were barred by the statute of limitations.

In arriving at its ruling, the trial court tolled the running of the statute as respects the three notes which were payable to custodians for minors under the…