Langille v. Central-Penn National Bank

Seitz, Chancellor:

The plaintiffs seek to have discharged a bond and mortgage executed by the plaintiffs and held by the defendant, Bank, on the ground that the party through whom the defendant acquired the bond and mortgage in effect made a usurious loan. The defendant has moved for summary judgment and this is the decision thereon.

No material facts are in dispute. On May 29, 1953, Washington Lumber and Millwork Co. (“Washington”) and Barco, Inc. (“Bar-co”) made an agreement whereby Washington was to sell and Barco to buy all of Washington’s deferred payment sales contracts of the type…