Meridian Bowling Lanes, Inc. v. Brown

SPEAR, Justice.

This action was instituted by appellant for a determination that a land sale contract (a contract of sale and purchase of improved real estate) was in fact a security transaction, and for the recovery of alleged usurious interest plus the statutory penalty. The matter was tried before the lower tribunal, sitting without a jury, and judgment was entered for the respondents, and the complaint dismissed with prejudice. Such judgment is here appealed.

The only question on appeal is whether the transaction entered into by the parties constituted a loan or a purchase and sale of…