M. NAHAS CO. v. FIRST NAT. BANK OF HOT SPRINGS

Civ. No. 90-6022.

739 F.Supp. 1338 (1990)

M. NAHAS CO., INC., Plaintiff, v. FIRST NATIONAL BANK OF HOT SPRINGS, Defendant.

United States District Court, W.D. Arkansas, Hot Springs Division.

June 8, 1990.


Attorney(s) appearing for the Case

Phyllis J. Lemons and Donald M. Spears of Spears & Hopkins, Malvern, Ark., for plaintiff.

Robert S. Hargraves, Hargraves & McCrary, Hot Springs, Ark., for defendant.


MEMORANDUM OPINION

OREN HARRIS, Senior District Judge.

M. Nahas & Co., Inc. (Plaintiff) originally filed this action in the Garland County Circuit Court on February 26, 1990, alleging First National Bank of Hot Springs (Defendant) violated the Arkansas usury law, specifically Amendment 60 to the Arkansas Constitution.

The complaint alleges that defendant loaned the plaintiff a sum of $400,000, evidenced by a note dated November 19, 1982, at an...

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