eBook details
- Title: Nuckolls v. Bank of California
- Author : Supreme Court Of California In Bank
- Release Date : January 26, 1936
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 59 KB
Description
THE COURT. Petition for a writ of supersedeas. So far as is material here, the petition alleges that the aboveentitled action is now pending in this court; that the judgment appealed from ordered the foreclosure of defendant Horatio McMillans interest in a certain trust of real and personal property of which defendant Bank of California is trustee; that the appellants are subsequent lien creditors of Horatio McMillan and holders of subsequent assignments of his interest in the trust; that prior to the entry of judgment McMillan was adjudicated a bankrupt and petitioner was appointed trustee of his estate; that as such trustee petitioner intervened in the above action and defended the same on the ground the transaction forming the basis of the action was tainted with usury; that the trial court found that the transaction when entered into was usurious, but held that the defense was not available for the reason that the usury law had been repealed in 1934 by the addition of a new section to the state Constitution -- section 22 of article XX; that this conclusion was based upon the decision