Coast Finance Corp. v. Powers Furniture Co.

The court found as a conclusion of law that the agreement between the plaintiff and defendant provides in effect for a sale and assignment of a *343portion of the conditional sales contract. Defendant assigns snch finding as error, and contends that the transaction was in the nature of a loan and the rate of interest provided for usurious.

By Section 7988, Or. L., the rate of interest in this state is fixed at 6 per cent per annum, provided, that on contracts interest up to the rate of 10 per cent per annum may he charged by express agreement, and no more. Section 7989, Or. L., provides as follows: