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SAVERS FED. SAV. v. FIRST FED. SAV.

No. 88-260.

768 S.W.2d 536 (1989)

298 Ark. 472

SAVERS FEDERAL SAVINGS AND LOAN ASSOCIATION OF LITTLE ROCK, Arkansas, Appellants, v. FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF HARRISON, Arkansas, Appellees.

Supreme Court of Arkansas.

May 1, 1989.

Attorney(s) appearing for the Case

O.H. Storey, III, William C. Mann, III, Little Rock, for appellants.

Frank H. Bailey, Mt. Home, Benjamin F. Mann, Michael Thompson, Kansas City, Mo., for appellees.

HICKMAN, Justice.

First Federal Savings and Loan of Harrison (First Federal) entered into a loan participation contract with Savers Federal Savings and Loan (Savers). The question on appeal is whether the circuit court was correct in declaring that First Federal effected a "legal rescission" of the contract and was entitled to full restitution of its funds expended, less its return on investment. We find there was no rescission at law and remand the case for further...

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