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RICHMAN v. WATKINS (03/22/54)

March 22, 1954

RICHMAN
v.
WATKINS, APPELLANT



Appeal, No. 287, Jan. T., 1953, from judgment of Court of Common Pleas No. 6 of Philadelphia County, Dec. T., 1951, No. 750, in case of Willard I. Richman v. Herman M. Watkins. Judgment affirmed.

COUNSEL

Morris Wolf, with him Wolf, Block, Schorr & Solis-Cohen, for appellant.

William A. Gray, with him Gray, Anderson, Schaffer & Rome, for appellee.

Before Stern, C.j., Stearne, Jones, Bell, Chidsey, Musmanno and Arnold, JJ.

Author: Chidsey

[ 376 Pa. Page 511]

OPINION BY MR. JUSTICE CHIDSEY

The plaintiff, Willard I. Richman, brought this action in assumpsit against the defendant, Herman M. Watkins, under the Act of May 28, 1858, P.L. 622, to recover the sum of $12,500 claimed to have been paid as usurious interest on a loan of $125,000 made by defendant to plaintiff. The defense raised was that the money loaned was not that of the defendant but of defendant's wife, and the $12,500 was a fee for defendant's services as broker. A jury trial resulted in a verdict for the plaintiff in the amount of $13,795.83, representing the amount of plaintiff's claim with interest. Defendant filed motions for judgment non obstante veredicto and for a new trial, both of which were refused by the lower court, and this appeal is from the judgment entered on the verdict.

On March 16, 1951 defendant addressed the following letter to plaintiff:

[ 376 Pa. Page 512]

"March 16, 1951

Williard [sic] I. Richman Broadwood Hotel Philadelphia, Penna.

Dear Williard: [sic]

This is to confirm our verbal arrangements wherein I hereby agree to obtain for you a loan in the sum of $125,000. upon the following condition.

That you will repay the said loan in twenty-five months from date of settlement by paying $5,000. a month on account plus interest at the rate of 6%. You also agree to give me a mortgage in the sum of $125,000, covering the Broadwood Hotel and all its equipment as subject to a mortgage now in existence in the sum of $500,000. reduced to approximately $468,000 and two other indebtedness of $50,000 each, reduced to approximately $67,000. Proper evidences will be produced monthly as to the payments made to the first mortgagee for interest, principal and taxes. You are also to ...


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