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FIRST NATIONAL BANK IN MENA v. NOWLIN

No. LR-74-C-24.

374 F.Supp. 1037 (1974)

FIRST NATIONAL BANK IN MENA, Plaintiff, v. Jack A. NOWLIN, Defendant.

United States District Court, E. D. Arkansas, W. D.

May 1, 1974.

Attorney(s) appearing for the Case

C. J. Giroir, Jr., H. Watt Gregory, III, and Vincent Foster, Jr., of Rose, Nash, Williamson, Carroll & Clay, Little Rock, Ark., for plaintiff.

H. Maurice Mitchell and Jerry D. Jackson of Spitzberg, Mitchell & Hays, Little Rock, Ark., for defendant.

MEMORANDUM OPINION

HENLEY, Chief Judge.

In this diversity action the plaintiff, First National Bank in Mena, Arkansas, seeks a declaratory judgment to the effect that national banks operating in Arkansas may by virtue of 12 U. S.C.A. section 85, withhold or collect true rates of interest on installment loans which would or might be considered usurious under the Constitution and laws of the State of Arkansas. Plaintiff also seeks a money judgment on two promissory...

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