Gilbert v. Wisdom
Defendant A.L. Wisdom loaned money to plaintiffs Richard and Kathryne Gilbert. The loan was evidenced by a promissory note and was secured by a deed of trust on the Gilberts real property. After Wisdom commenced nonjudicial foreclosure proceedings, the Gilberts sued to enjoin the foreclosure and to cancel the interest on the note on the ground that it was usurious. The trial court granted the Gilberts motion for summary adjudication as to the cause of action for cancellation of interest and subsequently entered judgment on the remaining causes of action based upon an apparent settlement agreement between the parties.
In a prior appeal in this case, we held that the trial court properly determined that the interest rate on the promissory note was usurious and that interest was properly cancelled, but Court reversed the judgment because the proceedings regarding the purported settlement agreement and the entry of judgment were flawed. (Court will refer to our prior unpublished opinion as Gilbert I.)
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