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LEONARD v. MERCHANTS AND FARMERS BANK

No. 86-150.

720 S.W.2d 908 (1986)

290 Ark. 571

Raymond LEONARD et ux, Appellants, v. MERCHANTS AND FARMERS BANK, Appellee.

Supreme Court of Arkansas.

December 22, 1986.

Attorney(s) appearing for the Case

L. David Stubbs, Dumas, for appellants.

Gill, Johnson, Gill & Gill by Brooks A. Gill, Dumas, for appellee.

HICKMAN, Justice.

Less than 30 days after federal legislation was passed overriding the Arkansas usury law, the Merchants and Farmers Bank of Dumas, the appellee, loaned the appellants Raymond and JoAnn Leonard $72,000 to buy 95 acres of land. A promissory note was signed for ten annual installments, and two mortgages were filed to secure the note. Two years later when the bank began charging more than ten percent per annum on the note, the appellants protested. The...

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