Opinion ID: 1228674
Heading Depth: 1
Heading Rank: 7

Heading: common counts

Text: (6a) Characterizing its violations of section 7 and regulation T as technical, UFITEC next urges that the illegality of the loan should not bar the common counts upon which its complaint was framed. (7) However, it is well settled that ordinarily a culpable party to an unlawful agreement may not recover in quasi-contract the value of his performance or the consideration paid. (See Lewis & Queen v. N.M. Ball Sons (1957) 48 Cal.2d 141, 150 [308 P.2d 713]; 1 Witkin, Summary of Cal. Law (8th ed. 1973) p. 301.) (6b) UFITEC's violation of section 7 and regulation T may not be characterized as technical. It loaned 100 percent of the cost of the stock when the law permitted a 20 percent maximum.