Burr v. Capital Reserve Corp.

The litigants here are at odds over whether three financial transactions in which plaintiffs purportedly-leased personal property from defendant were in fact loans at a usurious rate of interest. The trial court concluded that the first two transactions were bona fide leases of personal prop erty but that the third was a loan of money and that the rate of interest was usurious. 1 It granted judgment for the total amount of interest plaintiffs had paid on account of the third transaction.

Defendant is a corporation engaged in the business of leasing personal property, which it purchases for…