MID-AMERICA DEVELOPMENT CORPORATION v. ARKANSAS SAVINGS & LOAN ASSOCIATION

No. 74-324.

520 S.W.2d 238 (1975)

MID-AMERICA DEVELOPMENT CORPORATION, Appellant, v. ARKANSAS SAVINGS & LOAN ASSOCIATION, Appellee.

Supreme Court of Arkansas.

March 24, 1975.


Attorney(s) appearing for the Case

Smith, Williams, Friday, Eldredge & Clark by Larry W. Burks, Little Rock, for appellant.

Stubblefield & Matthews, Little Rock, for appellee.


GEORGE ROSE SMITH, Justice.

The appellant, being indebted to the appellee upon a $1,200,000 note, payable in monthly installments, was charged a $4,402.20 penalty for the privilege of prepaying the principal balance after only six installments had come due. The appellant paid the penalty under protest and brought this action for its recovery. The circuit judge, hearing the case upon stipulated facts, found the terms of the note to be unambiguous and the penalty to...

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