Oxford Consumer Discount Co. v. Stefanelli

262 A.2d 874 (1970)

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Oxford Consumer Discount Co. v. Stefanelli

New Jersey Supreme Court
262 A.2d 874 (1970)

Facts

Anthony and Theresa Stefanelli (defendants), who lived in New Jersey, borrowed money from Oxford Consumer Discount Company (Oxford) (plaintiff), a Pennsylvania corporation. The loan was secured by a second mortgage on the Stefanellis’ New Jersey home. Oxford did not market its loans in New Jersey; rather, the Stefanellis sought Oxford out in Pennsylvania. The loan was valid under Pennsylvania law. However, the loan was invalid under New Jersey law because, among other things, the interest rate was too high. Oxford sued the Stefanellis in New Jersey state court to enforce the loan after the Stefanellis failed to make payment on it. The Stefanellis argued that New Jersey law applied and that thus Oxford could not collect anything on the loan because the loan violated New Jersey law. Oxford responded that Pennsylvania law applied and that thus Oxford could collect on the loan. The trial court ruled for Oxford, but the intermediate appellate court reversed, ruling that New Jersey law applied and that Oxford thus was prohibited from collecting any principal or interest on the loan. Oxford appealed.

Rule of Law

Issue

Holding and Reasoning (Per curiam)

Dissent (Weintraub, C.J.)

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