[Download] "Sarlot-Kantarjian v. First Pennsylvania Mortgage Trust" by Ninth Circuit United States Court of Appeals * Book PDF Kindle ePub Free

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eBook details

• Title: Sarlot-Kantarjian v. First Pennsylvania Mortgage Trust
• Author : Ninth Circuit United States Court of Appeals
• Release Date : January 02, 1979
• Genre: Law,Books,Professional & Technical,
• Pages : * pages
• Size : 69 KB

Description

Sarlot-Kantarjian, a partnership engaged in real estate development, appeals from a summary judgment entered in favor of First Pennsylvania Mortgage Trust, a real estate investment fund, in an action for recovery of usurious interest and for declaratory relief. The district court concluded that the parties' selection of Massachusetts law in the loan agreement was valid and binding although the interest rate allowable under Massachusetts law was greater than the maximum permitted under California law. We affirm. Sarlot-Kantarjian (S-K) is a California general partnership consisting of Sarlot, a contractor, and Kantarjian, a lawyer, both knowledgeable and experienced in construction and real estate ventures. In September 1973, S-K sought construction financing for a proposed 66-unit condominium project to be built in the Bel Air section of Los Angeles. S-K engaged a mortgage company to assist it in obtaining a two year construction loan of.$3.2 million dollars at a rate of 5% Over the prime rate. In October 1973, the mortgage company was notified by Associated Advisers, Inc., a New Jersey firm employed by defendant First Pennsylvania Mortgage Trust, that S-K's loan application had been conditionally approved.

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