Waybright v. Meek

TYLER, P. J.

Action to recover a broker’s commission of $5,000 for securing a loan of $50,000. The complaint is in three counts. The first cause of action alleges an agreement to pay plaintiff and Elmer E. Cole $5,000 to negotiate the loan. The second alleges that plaintiff performed services as -broker for defendants to the reasonable value of $5,000. The third, that, plaintiff performed services as broker for defendants and that they agreed to pay for said services the sum of $5,000. Prior to the filing of the action, Cole assigned his interest in the claim to plaintiff. Issues were joined on an answer which denied all of the allegations of the complaint and on a counterclaim of $103. Trial was had without a jury. The trial court found that about April 25, 1922, defendant Meek entered into an agreement with plaintiff and his associate Cole, whereby they were employed to negotiate a loan of $50,000 and that Meek agreed to pay the sum of $5,000 for their services. The court further found that about said day defendant Meek signed a written memorandum of agreement wherein he agreed to pay

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plaintiff and his associate the said sum for services performed hy them for him on and prior to April 25, 1922, in procuring the loan. Judgment was accordingly rendered against Meek on all the allegations of the complaint and defendant Utah-Nevada Land & Livestock Company was relieved from liability. Motion for a new trial was made and denied, A motion to vacate the judgment was also made, on the ground that the commission allowed plaintiff for securing the loan, for a shorter period than six months, it being one not secured by mortgage or pledge upon real property, was illegal and void under the state Usury Law (Stats. 1919, p. Ixxxiii). This motion was likewise denied. Appellant here claims that the evidence is insufficient to support the judgment. He also claims that plaintiff’s contract is void under the Usury Law. There is no merit in either contention. The contract upon which the action is based reads as follows:

“Mr. Elmer E. Cole

and

“Mr. J. S. Waybright,

“Referring to the transaction which I have agreed to make with the Gen’l Mortgage Co., and the Engineering Corporation, or their clients or assigns, by which they are to loan me $50,000 in cash now, and if they are satisfied, after investigation of my securities or bonds they are to take over or to purchase my 500,000 bonds, said bonds secured on the Ranch known as the Utah Nevada Land and Live Stock Co. ’s Ranch, located in White Pine County, Nevada and Millard County, Utah, at a price of 85c on the dollar, payable $65,000 in deming New Mexico lands and lots as per schedule and prices shown to me by you and the balance in cask at stated intervals.