Crestwood Lumber Co. v. Citizens Savings & Loan Ass'n
Opinion
Opinion
Paik, J.
Plaintiff-appellant Crestwood Lumber Company (hereafter appellant) appeals from a judgment in San Mateo County Superior Court. In this stop notice—breach of contract action, the court awarded judgment in favor of appellant and against defendant-respondent Citizens Savings and Loan Association in the sum of $10,356.72 plus costs, disbursements and attorney’s fees, but denied appellant any interest on said amount on the ground that the interest provided for in the contract was usurious._
Appellant contracted with Nachtsheim Associates to sell lumber to be used in constructing improvements on real property owned by it. The sales orders contain the following language: “Acknowledgement Of Your Order . . . Terms And Conditions On Reverse Side . . . Terms: Payment Due Within 10 Days From Date Of Invoice—Less 2%.” On the reverse side, subsequent to provisions regarding cancellation and delivery, the orders state: “A Finance Charge Of 1 1/2% Per Month (Annual Percentage Rate Of 18%) Will Be Made On All Overdue Accounts.” The invoices, sent with the lumber shipments, also state: “Interest Charged At The Rate Of 18% Per Annum On All Overdue Accounts.”