Home/Texas Supreme Court/Southwestern Investment Co. v. Mannix

Southwestern Investment Co. v. Mannix

557 S.W.2d 755
CourtTexas Supreme Court
DecidedJuly 27, 1977
DocketB-6337
StatusPublished
Cited by41 cases

This text of 557 S.W.2d 755 (Southwestern Investment Co. v. Mannix) is published on Counsel Stack Legal Research, covering Texas Supreme Court primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Southwestern Investment Co. v. Mannix, 557 S.W.2d 755 (Tex. 1977).

Opinions

SAM D. JOHNSON, Justice.

Application for writ of error was made to this court, and we handed down a per cu-riam opinion which gave our reason for refusing the writ with the notation “no reversible error.” 20 Tex.Sup.Ct.J. 216 (March 5, 1977). On motion for rehearing, the writ of error was granted, and the per curiam opinion is withdrawn. The following opinion is substituted.

Robert Mannix, as debtor, sued Southwestern Investment Company [SIC] as as-signee of a retail installment contract which allegedly contained nine violations of the Texas Consumer Credit Code, Texas Revised Civil Statutes Annotated, Article 5069-6.01, et seq.,1 and seven violations of the federal Truth-In-Lending Act, 15 U.S. C.A., Section 1601, et seq., and Regulation Z, 12 C.P.R., Section 226.1, et seq.2 SIC counterclaimed for the monthly payments, totaling $499.20, which would become due under the retail installment contract. The trial court found six violations of state law and five violations of federal law and granted Mannix’ motion for summary judgment. SIC’s counterclaim was dismissed. The trial court awarded Mannix $731.68 as statutory damages plus $1,000 attorneys’ fees. SIC appealed the summary judgment rendered against it, but not the dismissal of its counterclaim. The court of civil appeals affirmed the summary judgment. 540 S.W.2d 747. We affirm the judgments of the trial court and the court of civil appeals.

Mannix purchased $1,181.04 worth of stereo equipment from Banner Sales Company in San Antonio. He made a cash down payment of $381.04 and executed a retail installment sales contract for the remaining balance of $800. Mannix agreed to purchase credit life insurance for $15.48, which increased the total amount financed to $815.48. The finance charge on the $815.48 was $182.92, representing an annual percentage rate of 20.24 percent and bringing the total of the twenty-four payments to $998.40. The $998.40 total was to be paid in twenty-four monthly installments of $41.60 each, commencing on February 22, 1974. Banner assigned the sales contract to SIC, which provided the form contract to Banner. Apparently, it is a normal procedure for Banner to contact SIC prior to the sale of goods by Banner to a consumer such as Mannix. If SIC agrees to purchase from Banner any contract executed by the consumer, SIC supplies Banner with the form contract which the consumer (in this case Mannix) is to sign. The pertinent portions of this contract are set out on following page:

[758]*758

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Bluebook (online)
557 S.W.2d 755, Counsel Stack Legal Research, https://law.counselstack.com/opinion/southwestern-investment-co-v-mannix-tex-1977.