Teasdale

Park Terrace Limited v. Teasdale

Good Law

100 Cal. App. 4th 802·122 Cal. Rptr. 2d 797·2002 Cal. App. LEXIS 4449·2002 Daily Journal DAR 8595·2002 Cal. Daily Op. Serv. 6813

Court of Appeal of CaliforniaJuly 30, 2002G029283California2,439 words

Opinion

Rylaarsdam, J.

This appeal is from summary judgments in consolidated actions wherein five real estate partnerships sought damages from and declaratory relief against a lender for loaning them money at allegedly usurious interest rates. The trial court granted summary judgment in all five actions, based on the exemption for loans arranged by a licensed real estate broker. (Cal. Const., art. XV, § 1, subd. (2); Civ. Code, § 1916.1.) We agree the exemption applies and affirm the judgment.

Facts

Plaintiffs, Park Terrace Limited, Colton General, Intervest Chino Investors, Ltd., IVR Peartree Limited, and Mini I. Ltd., are limited partnerships which hold and manage real estate. John Minar is a licensed real estate broker, and a general partner of these five entities as well as of Park Village Limited. The latter limited partnership is not a party to this action. Defendants Robert D. and Audrey B. Teasdale were sued as trustees of defendant Teasdale Family Trust.

Park Village wanted to refinance debts secured by its property, including a note held by defendants. Defendants, reluctant to take a discounted payoff, and, acting through Minar, suggested “mov[ing] the trust deed on to something…

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