Petit

Plaintiff, Arneill Ranch, a limited partnership, appeals from a summary judgment in favor of defendants Francis Petit, as trustee under the trust created by the terms of the last will and testament of Nancy A. Gibson, deceased, Donald A. Gibson, and Franklin Lawrence Gibson, Jr. The complaint sought damages in treble the amount of usurious interest allegedly received by defendants as lenders under a promissory note secured by deed of trust in the sum of $1,116,750. Such recovery was sought pursuant to the provisions of sections 2 (Deering’s Ann. Uncod. Measures 1919-1 (1973 ed.) p. 40; 10 West’s Ann. Civ. Code (1954 ed.) foil. § 1916 at p. 137) and 3 (Deering’s Ann. (Jncod. Measures, supra, p. 78; 10 West’s Ann. Civ. Code, supra (1974 Cum. Supp.), following § 1916 at p. 30) of the Usury Law as modified by California Constitution, article XX, section 22.

The complaint attached a copy of the note, dated October 1, 1971, which provided for repayment of principal at the rate of $50,000 per year, or more, on April 1 of each year, commencing April 1, 1973, and continuing to April 1, 1979, at which time the remaining principal balance was due. The note provided for interest on…