Sutter St. R.R. v. Baum

Citations

• 66 Cal. 44
• 4 P. 916

Syllabus

<p>Corporation—Contract wtth Director—Rescission.— Certain promissory notes and a mortgage to secure their payment, given by a corporation for money borrowed of a director, set aside on the ground that the rate of interest was excessive, and because the amount included in the notes and mortgage was greater than the amount borrowed, the additional amount being intended as security to the lender against taxes on account of the mortgage.</p> <p>Id.—Tendee—Pleading.—tío tender was required before commencing the action. The plaintiff could not determine in advance the amount to be repaid on a rescission of the contract, and the offer in the complaint to refund such sum as the court might direct was sufficient.</p>