Universal Leaseway System, Inc. v. Herrud & Co.

Appellant is the successor to Reo Truck Leasing, Inc., and is in the business of leasing truck fleets to'various, businesses and industries.

Defendant is in the meat processing business in Grand Rapids and on January 5,1954, sold its trucks to plaintiff for an agreed value of $40,600 and, at the same time, entered into an agreement to lease the trucks from plaintiff. The lease agreement provided for termination by either party; that upon termination the defendant would purchase the trucks then on hand from plaintiff for the initial retail selling price, less depreciation.

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