Rothschild

Statement of the Case

Plaintiffs appeal from an adverse judgment entered in this action wherein they have claimed that defendants charged them a usurious rate of interest in a 1963 loan transaction in which they borrowed $300,000 from defendants. This loan was evidenced by a promissory note and secured by a deed of trust on real property.

The basic issue presented by this appeal is whether or not the loan transaction involved the collection of interest that was usurious as a matter of law. On the basis of its findings of fact, the trial court concluded and held that the loan was not usurious. Plaintiffs contend that the findings are not supported by the record; that the court erred in refusing to make certain findings requested by them; and that the ¡subject loan transaction was usurious as a matter of law. By their cross-appeal defendants have presented the issue whether the trial court erred in refusing to grant them an award of attorney’s fees pursuant to the provisions of the promissory note.

We have concluded that the trial court made findings upon every essential and material issue of fact; that each of these findings is supported by substantial evidence; and…