Butler v. Holt MacHinery Co.

OPINION

REEVES, Justice.

This is an appeal from a usury case. On June 22,1982, Jack Butler entered into two purchase order contracts to lease/purchase two tractors from Holt Machinery Company. Each purchase order provided:

[the] Machine [a Caterpillar D-6 tractor] is rented for six months at $5,000.00 per month interest free. Customer is obligated to purchase the machine at the end of the sixth month. Machine is then financed for 36 months at 12% fixed simple interest OR 3% cash discount will be allowed on net payoff balance, no prepayment penalty.

On February 28, 1983, Butler executed two…