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Taurus Leasing Corp. v. Howard
Citations: 272 Ark. 323; 614 S.W.2d 502; 1981 Ark. LEXIS 1271Docket: 81-19
Court: Supreme Court of Arkansas; April 20, 1981; Arkansas; State Supreme Court
Taurus Leasing Corporation appeals a summary judgment that voided its contract with Jerry Howard, ruling it usurious and in violation of the Wingo Act (Ark. Stat. Ann. 64-1201 et seq.). The court also imposed a monetary penalty against Taurus for conducting business in Arkansas contrary to this Act. Summary judgment is appropriate when no genuine issue of material fact exists, as established in Rule 56 of the Arkansas Rules of Civil Procedure. The trial court's decision was based on the allegations in the complaint and affidavits indicating that a contract for the sale and lease-back of office equipment existed between Taurus, a foreign corporation, and Howard, an Arkansas resident. However, there was insufficient evidence in the record to confirm the location of the contract's formation. The court identified a remaining factual dispute regarding where the contract was made, which necessitates further trial proceedings. The judgment is reversed and remanded for this issue to be addressed. Judge Holt did not participate in the decision.