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Banking Law Keyed to Carnell, 7th Ed.
Connor v. Great Western Savings & Loan Association
Citation:
447 P.2d 609, 69 Cal. 2d 850, 73 Cal. Rptr. 369 (1968)Facts
In 1959, Harris Goldberg and Keith Brown, who had limited experience in large-scale tract housing development, sought financing from Great Western to purchase and develop 100 acres in Ventura County into a residential tract called Weathersfield. Great Western provided the necessary funds for land acquisition through a “land warehousing” arrangement where it took title to the land and granted an option to repurchase. Great Western also agreed to provide approximately $3 million in construction loans to Conejo Valley Development Company (the developer) and secured the right of first refusal to make long-term loans to home buyers. Great Western investigated Goldberg’s financial condition and found it weak, and received but did not question a questionable financial statement from Conejo showing capital primarily based on estimated future profits. Despite departing from its normal procedure of reviewing plans before committing funds, Great Western did not examine foundation plans or make recommendations regarding construction. Great Western’s inspectors visited the property weekly during construction, primarily to verify work completion for disbursement purposes. The homes were built on adobe soil without proper foundation precautions, and when the soil expanded during rainstorms two years later, the foundations cracked, causing significant damage to the homes.
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