Opinion
[No. 167, September Term, 1966.]
Decided March 7, 1967. Motion for reargument filed on April 3, 1967, denied on April 5, 1967.
USURY — Sale Of Goods On Credit With Added Charge For Financing Services Not Within Usury Statute, Where Note And Mortgage Securing Obligation Are Assigned To Financing Institution — "Time Sale" Theory Of Rothman v. Silver Applied. p. 697
G.W.L.
Decided March 7, 1967.
Motion for reargument filed on April 3, 1967, denied on April 5, 1967.
Appeal from the Circuit Court for Baltimore City (PRENDERGAST, J.).
Robert Coleman, Lavinia Coleman, and Berlean Thorne filed a Bill of Complaint in Equity against Hamla Corporation of Maryland Inc., to declare a mortgage usurious. From a decree of the Circuit Court for Baltimore City modifying and reforming the mortgage to reduce the interest rate to 6 percent, the respondent appeals.
Decree reversed, with costs.
The cause was argued before HAMMOND, C.J., and HORNEY, MARBURY, OPPENHEIMER and McWILLIAMS, JJ.
Hyman Ginsberg, with whom were George Psoras and Ginsberg Ginsberg on the brief, for appellant.
Leonard J. Harmatz, with whom was David H. Cohen on the brief, for appellees.
The decree appealed from must be reversed under our holding in Rothman v. Silver, 245 Md. 292, 226 A.2d 308 (1967), and cases therein cited.
Decree reversed, with costs.