UCN-Industry Briefs -
[Cached Version]
Published on: 7/1/2002
Last Visited: 8/1/2005
The two Little Rock-area dealers are Mike Woodall, owner of Mike Woodall Auto Sales, and Chuck Dory, owner of Chuck Dory Auto Sales.According to a suit filed by Woodall, Dory made short-term loans to Woodall "virtually every business day" for three years.According to a suit filed by Woodall, Dory made short-term loans to Woodall "virtually every business day" for three years.
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Woodall claimed the $75 interest Dory charged him on each loan was a violation of state laws barring usury.
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Woodall sued for double the amount he said he paid in interest over the three-year period.Dory filed a counter-claim, alleging that Woodall had written three bad checks, totaling $102,230.
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Dory's suit sought to recover twice that amount from Woodall.
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Woodall appealed that ruling, and the Supreme Court noted that the agreement between the parties was verbal, not written.