Commercial Refrigeration & Fixture Co. v. Director, Division of Taxation

CONLEY, J. T. C.

Plaintiff is in the business of selling new and used refrigeration units to retail and wholesale food establishments. Some of plaintiff’s sales are made pursuant to installment sales agreements.1 During the years involved in this litigation some of plaintiff’s customers defaulted on the terms of their contracts and, apparently by agreement with these customers, plaintiff engaged in what it has termed “friendly repossessions.” In these situations plaintiff repossessed its goods, usually without court action, the purchaser forfeited any amounts paid pursuant to the contract, and…