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GRAND PRAIRIE S. & L. v. WORTHEN BANK

No. 88-118.

769 S.W.2d 20 (1989)

298 Ark. 542

GRAND PRAIRIE SAVINGS AND LOAN ASSOCIATION, STUTTGART, Arkansas, the Hayden Trust, First Presbyterian Church, Jonesboro, Arkansas, and First State Bank of Crossett, Appellants, v. WORTHEN BANK AND TRUST CO., N.A., Appellee.

Supreme Court of Arkansas.

May 1, 1989.

Attorney(s) appearing for the Case

Malcolm R. Smith, Stuttgart, Paul S. Rainwater, Crossett, for appellants.

H. William Allen and Sandra Jackson, Little Rock, for appellee.

JOE D. WOODWARD, Special Justice.

This matter comes before this court on appeal of a partial summary judgment entered by the trial court. The lower court held that loan participations are not securities under the Arkansas Securities Act, Ark.Code Ann. § 23-42-102 (1987).

Sun Belt Federal Bank, FSB, of Lake Providence, Louisiana, agreed to make a loan to BFC 8, Ltd., a limited partnership, for the purpose of building a six story, multi-tenant office building...

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