W.E. TUCKER OIL CO., INC. v. PORTLAND BANK

No. 84-247.

688 S.W.2d 293 (1985)

285 Ark. 453

W.E. TUCKER OIL COMPANY, INC., et al., Appellants, v. PORTLAND BANK, Appellee.

Supreme Court of Arkansas.

April 29, 1985.


Attorney(s) appearing for the Case

R.J. Brown, Lisa A. Kelly, Little Rock, for appellants.

Herman L. Hamilton, Hamburg, for appellee.


GEORGE ROSE SMITH, Justice.

The appellee bank brought this suit to foreclose mortgages securing notes executed after the effective date of Amendment 60 to the Constitution of 1874. The notes bore interest at thirteen percent per annum, which was a permissible rate under Amendment 60 when the notes were given. The appellants, the debtors, defended the suit on the ground that Amendment 60 is unconstitutional, so that the original ten percent limitation is still in effect...

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