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FIRST NAT. BK., LITTLE ROCK v. MERCHANTS & P. BK. OF N.

No. 74-53.

510 S.W.2d 874 (1974)

The FIRST NATIONAL BANK, LITTLE ROCK, Arkansas, as Trustee of the Retirement Plan for Employees of Mobley Construction Company, Inc., and James Barron Mobley, Jr., Appellants, v. MERCHANTS & PLANTERS BANK OF NEWPORT, Arkansas, and Fred M. Pickens, Jr., Appellees.

Supreme Court of Arkansas.

July 1, 1974.

Attorney(s) appearing for the Case

George W. Boland, Boulder, Colo., for appellants.

Pickens, Boyce, McLarty & Watson by James A. McLarty, Newport, for appellees.

HOLT, Justice.

Appellant Mobley borrowed $12,500 from appellee Merchants and Planters Bank. Appellee Pickens guaranteed the loan. Repayment of the loan was to be made by appellant Mobley from two separate funds from which he received monthly payments. The fund involved in this litigation is the Mobley Retirement Plan. The plan, established by Mobley's deceased father, is a spendthrift trust since it contained a non-assignability

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