What is the test for establishing that a transaction in which a borrower is not a lender but a lender?
California, United States of America
The following excerpt is from White v. Seitzman, 230 Cal.App.2d 756, 41 Cal.Rptr. 359 (Cal. App. 1964):
Appellants rely on Janisse v. Winston Inv. Co., supra (1957) 154 Cal.App.2d 580, 317 P.2d 48. In that case, the defendants dictated the form of the transaction to make it appear that they were assignees of an existing note and mortgage rather than lenders of money in order to evade the provisions of the usury law. This was accomplished
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