Ludden & Bates Southern Music House v. Hornsby

Citations

• 45 S.C. 111
• 22 S.E. 781
• 1895 S.C. LEXIS 24

Syllabus

<p>1. Lease. — An instrument leasing an organ for a specified time at a designated monthly rental, with, a proviso that the lessee may at any time within such term purchase the instrument by paying the amount of rental value for the designated time, in which case only all amounts previously paid as rental shall be deducted, is a lease, and not a mortgage.</p> <p>2. Equitabee Defense. — A defendant may set up an equitable defense based on fraud in the transaction to a legal action of claim and delivery.</p>