Legal Opinion
National Equipment Rental, Ltd. v. T. G. Stanley, Doing Business as Stanley's Drug Store
Court of Appeals for the Second Circuit
Decided November 7, 1960No. 20, Docket 26014PublishedCited by 10 opinions
1Opinion of the Court
TUTTLE, Circuit Judge.
National Equipment Rental, Ltd. appeals from a judgment based on a jury verdict, that its contract with Stanley was a usurious loan and thus unenforceable and not a lease of equipment.
Under the New York General Business Law, McKinney’s Consol.Laws, e. 20, §§ 370-373, conceded by both parties to control this transaction, it is illegal to receive more than 6% for the loan of money, and the lender who does so is forbidden the right to collect either principal or interest. In dealing with this transaction, which was cast in the form of a lease from National to Stanley, we…
2Cases cited3 opinions
- Thomas v. Knickerbocker Operating Co.New York Supreme Court · 1951
- Moldovan v. Julius Hebenstreit, Inc.Appellate Division of the Supreme Court of the State of New York · 1943
- Monetary Service Corp. v. KrollAppellate Division of the Supreme Court of the State of New York · 1937
3Cited by10 opinions
- National Equipment Rental, Ltd. v. H. Walter Hendrix, III and Jean K. HendrixCourt of Appeals for the Second Circuit · 1977
- Getty Petroleum Corp. v. Bartco Petroleum Corp.Court of Appeals for the Second Circuit · 1988
- Mendel Schwimmer D/B/A Supersonic Electronics Co. v. Sony Corporation of America and Sony CorporationCourt of Appeals for the Second Circuit · 1980
- Getty Petroleum Corp. v. Bartco Petroleum Corp.Court of Appeals for the Second Circuit · 1988
- Walter E. Heller & Co. v. American Flyers Airline Corp.Court of Appeals for the Second Circuit · 1972
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