Universal C. I. T. Credit Corp. v. Avery

The principal question in this case is whether a certain conditional sales contract, now attacked by the appellee for usury, was executed before or after the decision became final in Hare v. General Contract Purchase Corp., 220 Ark. 601, 249 S. W. 2d 973. That decision overruled a series of earlier cases but stated that the new rule would apply only to transactions entered into “after this opinion becomes final.” The contract now before us would have been valid under the theory that formerly prevailed but would be usurious and void under the doctrine announced in the Hare case. The chancellor…