Oxford Consumer Discount Co. v. Stefanelli
New Jersey Supreme Court
262 A.2d 874 (1970)
- Written by Steven Pacht, JD
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.)
What to do next…
Here's why 832,000 law students have relied on our case briefs:
- Written by law professors and practitioners, not other law students. 46,500 briefs, keyed to 994 casebooks. Top-notch customer support.
- The right amount of information, includes the facts, issues, rule of law, holding and reasoning, and any concurrences and dissents.
- Access in your classes, works on your mobile and tablet. Massive library of related video lessons and high quality multiple-choice questions.
- Easy to use, uniform format for every case brief. Written in plain English, not in legalese. Our briefs summarize and simplify; they don’t just repeat the court’s language.