HAYES v. FIRST NATIONAL BANK OF MEMPHIS

No. 73-255.

507 S.W.2d 701 (1974)

Billy R. HAYES and Betty J. Hayes, Appellants, v. FIRST NATIONAL BANK OF MEMPHIS, Tennessee, Appellee.

Supreme Court of Arkansas.

Rehearing Denied May 6, 1974.


Attorney(s) appearing for the Case

Paul K. Roberts, Warren, for appellants.

Haley & Claycomb, Warren, for appellee.


FOGLEMAN, Justice.

The question presented by this appeal is whether "late charges" made on an installment purchase contract and a charge made for an extension agreement voided the entire debt for usury. We conclude that they did not.

Billy R. and Betty J. Hayes, husband and wife, purchased a mobile home from C. & G. Mobile Homes at Camden. After making a down payment, the balance of the purchase price to be financed amounted to $4,399 to which were added...

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