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MARTIN v. MOORE

No. 80-105.

601 S.W.2d 838 (1980)

Buford MARTIN, d/b/a Martin's Mobile Homes, Appellant, v. Lloyd MOORE, Appellee.

Supreme Court of Arkansas.

June 30, 1980.

Attorney(s) appearing for the Case

Gardner & Steinsiek, Blytheville, for appellant.

Vincent E. Skillman, Jr., Skillman & Durrett, West Memphis, for appellee.

GEORGE ROSE SMITH, Justice.

Our Constitution, adopted in 1874, provides that all contracts for a greater rate of interest than 10% per annum shall be void as to principal and interest. Art. 19, § 13. The question here is whether the Constitution prohibits the practice, widely used in business transactions, of computing interest on the basis of a 360-day year. The Court of Appeals certified the case to us under Rule 29(4). We have no hesitancy in holding, for...

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