[Download] "Crisco v. Murdock Acceptance Corp." by Supreme Court of Arkansas # eBook PDF Kindle ePub Free

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eBook details

• Title: Crisco v. Murdock Acceptance Corp.
• Author : Supreme Court of Arkansas
• Release Date : January 11, 1953
• Genre: Law,Books,Professional & Technical,
• Pages : * pages
• Size : 60 KB

Description

Appellant Crisco bought an automobile in a conditional sales contract from James Hampton, d/b/a Public Auto Company. Hampton assigned the contract without recourse to Murdock Acceptance Corporation; later Crisco filed suit in the Pulaski Chancery Court to cancel the instrument on the ground that a usurious rate of interest had been charged. There was a decree in favor of Hampton and the finance company. However, Crisco was allowed a credit for an overcharge of $45. Crisco has appealed maintaining that the contract is usurious and therefore void, and the finance company has cross-appealed, contending that the Court erred in giving the $45 credit. According to the evidence, Crisco saw the automobile advertised in a newspaper for the sale price of $1,475. He went to look at the car, and it had a sales tag attached for that amount. He was also told by the salesman the price was $1,475 and no other sales price was mentioned. Upon making the purchase, he was furnished an invoice signed by Homer Jones, Hampton's agent, which described the car and stated the cash price of $1,475, a time price differential of $326, and a total time price of $1,801. Crisco also signed the invoice. The transaction took place on Saturday, April 5, 1952; and although the contract itself does not show the date of the assignment to Murdock Acceptance Corporation, it must have been done immediately because on Monday, April 7, a policy of insurance covering fire, theft, etc., was issued by the Central National Insurance Company, and Murdock Acceptance Corporation is named in the loss payable clause. The selling price as shown on the insurance policy is $1,425; apparently this was meant for $1,475 as written figures on the invoice can be easily mistaken, for $1,425 instead of $1,475; but in any event it certainly was not meant for $1,801.

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