R. A. Brooks v. Universal C.I.T. Credit Corporation and Phil Phelps Truck Center, Inc.

VAN OOSTERHOUT, Circuit Judge.

The issue presented by this appeal is whether a security agreement entered into between plaintiff Brooks as purchaser of a White Freightliner tractor-truck and the seller, defendant Phil Phelps Truck Center, Inc. (Phelps), is void as usurious. The resolution of this issue turns on whether Arkansas or Missouri law applies. It is stipulated that the contract is void as usurious under Arkansas law and that it is valid and enforceable under Missouri law.

The issue is presented in an action brought by Brooks against Phelps and Universal C.I.T. Credit Corporation, the…