Swallow Rancches, Inc. v. Bidart

525 F.2d 995 SWALLOW RANCCHES, INC., Plaintiff-Appellant-Cross-Appellee, v. Leonard BIDART and Bidart Brothers, Individually and as co-partners dba ELTejon Cattle Company, Defendants-Appellees-Cross-Appellants. Nos. 74--1423, 74--1448. United States Court of Appeals, Ninth Circuit. Oct. 23, 1975. Robert F. Orton (argued), of Hansen & Orton, Salt Lake City, Utah, for appellant. Jon R. Collins (argued), of Lionel, Sawyer, Collins & Wartman, Las Vegas, Nev., for appellee. OPINION Before CHAMBERS and KENNEDY, Circuit Judges, and ENRIGHT, * District Judge. KENNEDY, Circuit Judge: 1 Swallow Ranches, Inc. (SRI), a Nevada corporation, brought suit against El Tejon Cattle Co., a California partnership, and Leonard Bidart, as a general partner. Jurisdiction was based on diversity of citizenship. 28 U.S.C. § 1332 . SRI alleged that its sale to El Tejon of four ranches, subject to an option to repurchase, was in fact a loan secured by a mortgage. SRI claimed it therefore was entitled to the protections of the Nevada usury and redemption statutes. The trial court found the transaction was a sale in both form and substance, and denied relief to SRI. SRI appeals; El Tejon cross…