Schumann
Schumann v. California Cotton Credit Corp.
Opinion
Lead Opinion
Marks, J.
Under date of July 13, 1927, the parties to this action entered into a written contract concerning a crop of cotton being raised in Madera County, California, by H. Neilan. At that time Neilan was indebted to appellant in the sum of $2,200 on the purchase price of pumping plants and pumping equipment sold by appellant to him under conditional sales contracts which reserved the title to the personal property in appellant.
Respondent was a corporation organized and existing for the purpose, among other things, of loaning money to growers of cotton to enable them to finance their farming operations. It had loaned Neilan approximately $3,900 with which to raise a crop of cotton upon the Madera County property and had taken a crop mortgage to secure its loan. Neilan required additional money from respondent to mature and harvest his crop and to enable this to be advanced, as well as to insure that the pumping plants and pumping equipment would remain upon the property dur- ° ing the cotton growing season, the parties entered into' the written contract in question.
The contract provided, among other things, that respondent would advance “to the said H. Neilan a sum of money not to…