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McCOY FARMS, INC. v. J & M McKEE

No. 77-201.

563 S.W.2d 409 (1978)

McCOY FARMS, INC., et al., Appellants, v. J & M McKEE et al., Appellees.

Supreme Court of Arkansas, In Banc.

Rehearing Denied April 17, 1978.

Attorney(s) appearing for the Case

Freeland & Gafford, Oxford, Miss., Gaughan, Barnes, Roberts, Harrell & Laney, Camden, Wright, Lindsey & Jennings, Little Rock, for appellants.

Brown, Compton & Prewett, Ltd., El Dorado, for appellees.

FOGLEMAN, Justice.

This appeal was taken from a decree foreclosing a purchase money mortgage on farmlands which had been conveyed by appellees to appellants. The mortgage secured the payment of a promissory note dated February 1, 1976, executed by appellants for $539,200 with interest at 8½% per annum, payable on February 1, 1977. Appellants defended the mortgage foreclosure action on the ground that the note was usurious. It was the contention of appellants...

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