Equitable Credit Co. v. Rogers
Decision Date | 31 October 1927 |
Docket Number | (No. 274.) |
Parties | EQUITABLE CREDIT CO., Inc., v. ROGERS. |
Court | Arkansas Supreme Court |
v.
ROGERS.
Appeal from Circuit Court, Phillips County; E. D. Robertson, Judge.
Suit by the Equitable Credit Company against Dr. J. R. Rogers. Judgment for defendant, and plaintiff appeals. Reversed and remanded.
A. D. Whitehead, of Helena, for appellant.
W. G. Dinning, of Helena, for appellee.
SMITH, J.
The facts out of which the present litigation arises are very similar to those set out in the opinions in the cases of Davis & Worrell v. General Motors Acceptance Corporation, 153 Ark. 626, 241 S. W. 44, Commercial Credit Co. v. Blanks Motor Co. (Ark.) 294 S. W. 999, and Standard Motors Finance Co. v. Mitchell Auto Co. (Ark.) 293 S. W. 1026. The appellee in the first case mentioned and appellants in the others being foreign corporations engaged in the business of buying notes executed in this state, but payable in other states, given in partial payment of secondhand automobiles and motor trucks, the method of procedure of the corporations being practically the same in all cases.
The facts in the instant case may be summarized as follows: The Mott Motor Company, a motorcar dealer at Elaine, Ark., on October 8, 1924, sold to Mrs. M. E. Van Lake, a Ford touring car for the price, including "service charges," of $525.24 of which $131.54 was paid in cash, and the balance was evidenced by the note of the purchaser of even date with the contract of sale, for the sum of $394, payable to the Equitable Credit Company, hereinafter referred to as the company, at its office in New Orleans, La. The meaning of this service charge was shown in the opinion in the case of Standard Motors Finance Co. v. Mitchell Auto Co., supra.
The company was not interested in the business of the Mott Motor Company further than that it had an arrangement with that company whereby it bought certain notes from the Mott Motor Company which that
Page 748
company had taken from purchasers of cars, blanks being furnished to Mott Motor Company by the New Orleans company for that purpose.
The purchasers of the cars were required to make a financial report on the blanks furnished by the New Orleans company to the Mott Motor Company, and these statements and contracts of sale, with the purchase-money notes forming a part of them, were submitted to the New Orleans company at its office in that city for approval, and the company bought in New Orleans such of these notes as it pleased.
The note...
To continue reading
Request your trial