Webb-Harris Auto Co. v. Industrial Acceptance Corp.

On November 7, 1924, Mrs. Cecelia Beveridge purchased from Webb-Harris Auto Company one Studebaker automobile for the price of $2564.60. She paid $815, and gave a note for $1749.60 for the deferred payments to be made $145.80 monthly for twelve months. At once thereafter this note was assigned by Webb-Harris Auto Co. and indorsed by it to the defendant in this ease, the Industrial Acceptance Corporation, which purchased the note at a discount of $129.60. In addition to this Webb-Harris Auto Co. paid to the defendant $1.50 to pay a premium on what was known as single-interest collision…