Section
Business Law
• Regal finance Company, Ltd. and Regal Finance Company II, Ltd., Petitioners, v. Tex Star Motors, Inc In the case at bar, TexStar was a used car dealer. Every time it sold cars, it allowed buyers to pay in installments, thereby extending credit to them. In turn, it sold these notes with full recourse to Regal. Regal would pay the amount of the note, effectively the loan amount, less $750 which would be deposited in the reserve. Should the buyer default in its payment, TexStar would be obliged to repurchase the amount of the note less $2,000. ...
