(Download) "Department Financial Institutions Et Al." by 397 Supreme Court of Indiana No. 28 * Book PDF Kindle ePub Free
eBook details
- Title: Department Financial Institutions Et Al.
- Author : 397 Supreme Court of Indiana No. 28
- Release Date : January 09, 1949
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 66 KB
Description
This is an appeal from a declaratory judgment of the trial court which adjudicated that § 9 of the Indiana Retail Instalment Sales Act, as amended by Ch. 238 of the 1947 Acts (§ 58-909, Burns' 1943 Replacement [1947 Supp.]), ""is unconstitutional and void in that it deprives plaintiff [appellee General Finance Corporation] of liberty and property without due process of law and unlawfully burdens interstate commerce."" The evidence consisted of stipulations, documentary evidence, and the testimony of three witnesses, and there is no dispute as to the facts, but only as to the law as applied to the facts. The complaint was for a declaratory judgment and injunction. The evidence reveals that the appellee is a corporation organized under the laws of the State of Michigan, with its principal office at Detroit, and it has been duly admitted, qualified and authorized to transact business as a foreign corporation in the State of Indiana. Since February 26, 1944, it has been licensed by the Department of Financial Institutions to purchase retail instalment contracts as defined in the Retail Instalment Sales Act (§ 58-901 et seq., Burns' 1943 Replacement; ch. 231, Acts of 1935), and on June 26, 1946, it was again licensed ""to purchase retail instalment contracts from retail sellers and/or to loan money to retail sellers on the security of retail instalment contracts . . . from July 1, 1946, until such license and the authorization thereunder is surrendered, revoked or suspended . . . ."" The corporation is licensed to and does business in approximately eighteen states and maintains offices in Chicago. Its net worth is $9,000,000 with a borrowing capacity of three times its net worth, or $27,000,000. Its annual gross business throughout the United States totals $400,000,000 of which the annual volume of business in Indiana is $10,000,000. It maintains an Indiana office where it buys retail instalment sales contracts.