Stelco Industries, Inc. v. Zander

The plaintiff instituted this action to recover for building materials and supplies sold and delivered *307to the defendant1 under an application for credit. The defendant filed a special defense claiming usury. Both parties filed motions for summary judgment. From the granting of the plaintiffs motion for summary judgment and the denial of the defendant’s motion, the defendant has appealed.2

The credit agreement between the parties provided, inter alia, that “[a] service charge (designated a ‘finance’ charge) accrues on amounts outstanding over 30 days after their payment due date. Amounts over…