General Contract Corp. v. Duke

Ed. F. McFaddin, Justice.

This is a usury case, involving a note given for the purchase of an automobile; and the transaction occurred after the effective date of the holding in Hare v. General Contract Purchase Corp., 220 Ark. 601, 249 S. W. 2d 973. In the present case the Lower Court cancelled the note as usurious, and the note-holder has appealed.

On October 6, 1952, appellee Duke purchased a 1950 Oldsmobile from Dutch O’Neal’s Auto Town No. 2 (hereinafter called “O’Neal”). Here are the figures on the invoice delivered to appellee:

Price of…