SCHULTE v. BENTON SAV. AND LOAN ASS'N

No. 83-74.

651 S.W.2d 71 (1983)

279 Ark. 275

Nancy R. SCHULTE et al., Appellants, v. BENTON SAVINGS AND LOAN ASSOCIATION, Appellee.

Supreme Court of Arkansas.

May 31, 1983.


Attorney(s) appearing for the Case

Charles Phillip Boyd, Jr. and Eugene J. Mazzanti, Little Rock, for appellants.

Greg Brown, Benton, for appellee.


HOLT, Justice.

The issue in this case involves the enforceability of a "due on sale" clause in a mortgage where the mortgagee is a state chartered savings and loan association. The case is certified to us by the Court of Appeals pursuant to the Rules of the Supreme Court and Court of Appeals, Rule 29(1)(c) and (4)(d).

In 1977, the appellant Ballard Construction Company executed a promissory note payable to the appellee and secured by a mortgage on commercial...

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