Legal Opinion
McGalliard v. Liberty Leasing Co. of Alaska, Inc.
Alaska Supreme Court
Decided April 3, 1975No. 2003PublishedCited by 22 opinions
1Opinion of the Court
OPINION
Before RABINOWITZ, C. J., and ERWIN, BOOCHEVER, and FITZGERALD, JJ. *529FITZGERALD, Justice.
In this opinion we decide that a third-party loan cloaked in the form of a lease is within the purview of the usury laws, AS 45.45.010 et seq.1 We hold that the transaction in the instant case was usurious.
During the summer of 1968 Joseph and Mickey McGalliard, d/b/a Import Palace, entered discussions with Robert Ryland2 concerning relocation of their gift and novelty store. To make relocation of the store feasible, the McGalliards needed to finance the acquisition of trade fixtures. The financing…
2Cases cited16 opinions
- State v. J. C. Penney Co.Wisconsin Supreme Court · 1970
- Burr v. Capital Reserve Corp.California Supreme Court · 1969
- State Ex Rel. Turner v. Younker Brothers, Inc.Supreme Court of Iowa · 1973
- Davis Brothers v. Misco Leasing, Inc.Court of Appeals of Texas · 1974
- National Bank of Commerce v. ThomsenWashington Supreme Court · 1972
11 more not listed; retrieve them via the Exa API.
3Cited by22 opinions
- Kupka v. MoreyAlaska Supreme Court · 1975
- Bell v. Itek Leasing Corp.Supreme Court of Arkansas · 1977
- Clune Equipment Leasing Corp. v. SpanglerMissouri Court of Appeals · 1981
- Eimco Corp. v. SimsIdaho Supreme Court · 1979
- In Re Loop Hospital PartnershipUnited States Bankruptcy Court, N.D. Illinois · 1983
17 more not listed; retrieve them via the Exa API.