UNITED BILT HOMES, INC. v. ELDER

No. 81-13.

615 S.W.2d 367 (1981)

UNITED BILT HOMES, INC., Appellants, v. Thomas ELDER and Loraine Elder, His Wife, Appellees.

Supreme Court of Arkansas.

May 18, 1981.


Attorney(s) appearing for the Case

Wilson, Gunter & Walker, P.A., Hope, for appellants.

Wommack, Lindsay and Associates, P.A., by Mark Lindsay, Fayetteville, for appellees.


DUDLEY, Justice.

This is a usury case. Appellant, United Bilt Homes, contracted to build and to finance appellees' home for $17,350 with interest at the rate of 10 percent. The debt was evidenced by an amortized installment promissory note and was secured by a mortgage on the property. After the house was built, the appellees became delinquent in their payments and appellant filed this foreclosure action. The Chancellor found the transaction to be usurious, cancelled...

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