Western Auto Supply Co. v. Vick

BRITT, Justice.

The Court of Appeals held that the transactions between the parties which gave rise to defendant’s counterclaim involved the payment of interest in return for the forbearance of money owed on account. Accordingly, the court concluded that the North Carolina usury statutes governed the conduct of the parties in the transfer of the chattel paper under the purchase agreement. In particular, the Court of Appeals directed its attention to two of the findings of fact which had been made by the trial court and excepted to by defendant. The challenged findings are:

10. Without regard to…