Equipment Finance, Inc. v. Grannas

Opinion by

Jacobs, J.,

The narrow point of law presented in this appeal is whether or not the Usury Statute applies to a sale of heavy machinery on credit when a finance company, in good faith and for value, purchases from the seller of the machinery the security agreement and accompanying note given by the buyer to the seller.

Equipment Finance, Inc., hereinafter called “Finance Co.”, sued Chester E. Grannas and Paul A. Grannas, trading as Grannas Brothers, a. partner ship, hereinaftér “Buyer”,, to recover three monthly payments allegedly due on the purchase of certain rock crushing equipment…