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BRINGS v. CAPITAL SAV. & LOAN ASS'N

No. 79-333.

597 S.W.2d 600 (1980)

W. M. BRIGGS and Ann Briggs, Appellants, v. CAPITAL SAVINGS & LOAN ASSOC., Appellee.

Supreme Court of Arkansas.

April 28, 1980.

Attorney(s) appearing for the Case

Satterfield & Moody, Little Rock, for appellants.

Friday, Eldredge & Clark, Little Rock, for appellee.

STROUD, Justice.

This is a suit seeking to declare a promissory note usurious and therefore void the note and the mortgage securing it. The note is clearly usurious unless it falls within the exception of Public Law 93-501, commonly called the Brock Bill. The Chancellor found that the loan was a business loan within the language of the Brock Bill and granted judgment on the counterclaim of Capital Savings & Loan (hereinafter Capital) seeking foreclosure. We agree...

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