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MATTER OF T. R. AXTON SR. CORP.

No. 74-2344.

533 F.2d 503 (1976)

In the Matter of T. R. AXTON, SR. CORPORATION dba Hollandease Restaurant, a California corporation, Debtor. McGRAW-EDISON CREDIT CORPORATION, a Delaware Corporation (formerly EAC Credit Corporation), Petitioner-Appellant, v. T. R. AXTON, SR. CORPORATION, dba Hollandease Restaurant, a California corporation, Respondent-Appellee.

United States Court of Appeals, Ninth Circuit.

April 2, 1976.

Attorney(s) appearing for the Case

Arnold S. Malter (argued), Los Angeles, Cal., for petitioner-appellant.

Herman E. Magidsohn (argued), of Coleman & Coleman, Los Angeles, Cal., for respondent-appellee.

Before WRIGHT and WALLACE, Circuit Judges, and SOLOMON, District Judge.

OPINION

EUGENE A. WRIGHT, Circuit Judge:

This appeal involves the question whether the time price differential (TPD) of a commercial contract for sale and installation of restaurant equipment constituted usurious interest within the meaning of California law. In affirming the bankruptcy referee, the district court held that it did. We reverse.

The California courts have held consistently that the TPD of a conditional sales contract is not limited...

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