Silver v. International Paper Co.

This case was submitted to the trial judge on the basis of stipulated facts pursuant to GCR 1963, 111.10.

The plaintiffs purchased real estate from the defendants on land contract. Plaintiffs alleged that the interest charges on the land purchases were usurious and thus uncollectible. Plaintiffs further claimed that defendants attempted to disguise the interest charges by labeling them “time price differentials”. The trial judge ruled that the transactions in question did not involve usury.

Plaintiffs were given the opportunity to either pay cash for the properties or to purchase them on…