Beard v. Economy Finance Corp.

GARDNER, Commissioner.

Newtown Investment Corporation purchased from Plastex Bowling Corporation bowling equipment to be used in bowling lanes at Lexington, Kentucky. Newtown gave Plastex promissory notes, secured by a mortgage on the equipment, representing much of the purchase price. Plastex became involved financially and after rather extensive and confusing negotiations North American Leasing Company became the owner of the bowling equipment and in turn leased it to Newtown for $88,997.96 to be paid in monthly installments. Simultaneously with the execution of the lease, and in order to…