CAGLE v. BOYLE MORTGAGE CO.

No. 76-272.

549 S.W.2d 474 (1977)

Lloyd CAGLE et ux., Appellants, v. BOYLE MORTGAGE COMPANY, Appellee.

Supreme Court of Arkansas, In Banc.

Rehearing Denied April 11, 1977.


Attorney(s) appearing for the Case

R. David Lewis, Little Rock, for appellants.

Spitzberg, Mitchell & Hays, Little Rock, for appellee.


HOLT, Justice.

In this foreclosure action brought by the appellee, the appellants interposed the defense of usury. The chancellor found the transaction between the parties was free of usury and, therefore, appellee was entitled to foreclosure. We must agree with appellants' contention that the court erred in so finding.

In December, 1973, the appellants signed a construction note and mortgage in the amount of $28,000, bearing 10% interest per annum, in favor...

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