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VALLEY ACCEPTANCE CORP. v. GLASBY

Record Nos. 821880, 821881.

337 S.E.2d 291 (1985)

VALLEY ACCEPTANCE CORPORATION, et al. v. Carlton GLASBY, et al. VALLEY ACCEPTANCE CORPORATION, et al. v. Rufus W. HARPER, et al.

Supreme Court of Virginia.

November 27, 1985.

Attorney(s) appearing for the Case

John H. Kennett, Jr., Roanoke, for appellants.

Henry L. Woodward, Roanoke (Alan T. Gravitt, Halifax, on brief), for appellees.

Present: All the Justices.

THOMAS, Justice.

The predominant issue in these two appeals is whether a loan which, in principal amount, falls below the ceiling for small loans as set forth in the Small Loan Act (the Act),1 is subject to the provisions of the Act even though the loan is labeled a mortgage loan. The trial court held that the Act applies in such a situation. We agree.

I. Background

A. The Harper Loan

In early...

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