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McGALLIARD v. LIBERTY LEASING CO. OF ALASKA, INC.

No. 2003.

534 P.2d 528 (1975)

Joseph L. McGALLIARD and Mickey L. McGalliard, d/b/a Import Palace, Appellants, v. LIBERTY LEASING COMPANY OF ALASKA, INC., an Alaska Corporation, Appellee.

Supreme Court of Alaska.

April 3, 1975.

Attorney(s) appearing for the Case

Edward W. Tucker, Anchorage, for appellants.

James L. Johnston, Anchorage, for appellee.

Before RABINOWITZ, C.J., and ERWIN, BOOCHEVER, and FITZGERALD, JJ.

OPINION

FITZGERALD, Justice.

In this opinion we decide that a third-party loan cloaked in the form of a lease is within the purview of the usury laws, AS 45.45.010 et seq.1 We hold that the transaction in the instant case was usurious.

During the summer of 1968 Joseph and Mickey McGalliard, d/b/a Import Palace, entered discussions with Robert Ryland2

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