Defendant purchased goods of the plaintiff on credit, giving his note, secured by a chattel mortgage, for the balance of the purchase price. The total price included a "time price differential" which exceeded the lawful rate of interest computed on the unpaid balance. Defendant defaulted in payment of the note and plaintiff sued to recover the goods. Defendant pleaded that the mortgage and note included usurious interest. Held, there was a bona fide sale on credit and the note was not usurious. Brown v. Crandall, (S.C. 1950) 61 S.E. (2d) 761.
Harold G. Christensen S.Ed.,
USURY AND PURCHASES ON CREDIT,
Mich. L. Rev.
Available at: https://repository.law.umich.edu/mlr/vol49/iss7/19