Legal Opinion
Universal C. I. T. Credit Corp. v. Lackey
Supreme Court of Arkansas
Decided October 21, 1957No. 5-1317PublishedCited by 20 opinions
1Opinion of the Court
Ed. F. McFaddin, Associate Justice.
This is another case involving the claim of usury 1 in a conditional sales contract. The Chancery Court found that the contract was usurious, and this appeal ensued.
On November 19, 1953 appellee Lackey purchased a new 1954 Chrysler automobile from Bragg Auto Company of West Memphis by trading in an old car and executing a conditional sales contract for the balance due, plus insurance and interest. Here is a tabulation of the transaction:
1. Cash price of new car.$3,536.25
2. Less Allowance for old car. 1,786.25
3. Balance due in cash. 1,750.00
4. Premium on…
2Cases cited10 opinions
- Upton v. TribilcockSupreme Court of the United States · 1875
- Hare v. General Contract Purchase Corp.Supreme Court of Arkansas · 1952
- Briggs v. SteeleSupreme Court of Arkansas · 1909
- Commercial Credit Plan, Inc. v. ChandlerSupreme Court of Arkansas · 1951
- Jones v. JonesSupreme Court of Arkansas · 1957
5 more not listed; retrieve them via the Exa API.
3Cited by20 opinions
- Winkle v. Grand National BankSupreme Court of Arkansas · 1980
- Harris v. Guaranty Financial CorporationSupreme Court of Arkansas · 1968
- Nineteen Corp. v. Guaranty Financial Corp.Supreme Court of Arkansas · 1969
- Manufacturers Casualty Insurance Co. v. HughesSupreme Court of Arkansas · 1958
- Poole v. BatesSupreme Court of Arkansas · 1975
15 more not listed; retrieve them via the Exa API.