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McKAY v. CAPITAL RESOURCES CO. LTD.

No. 96-200.

940 S.W.2d 869 (1997)

327 Ark. 737

John P. McKAY, Jr., and Rosemary L. McKay, Appellants, v. CAPITAL RESOURCES COMPANY, LTD., Appellee.

Supreme Court of Arkansas.

March 24, 1997.

Attorney(s) appearing for the Case

John E. Pruniski, Dorcy Kyle Corbin, North Little Rock, John T. Harmon, Little Rock, for appellants.

Don A. Ellibott, Pine Bluff, for appellee.

GLAZE, Justice

In 1987, appellants John and Rosemary McKay, Jr., purchased a condominium unit in Hot Springs. They financed the purchase through Landmark Savings Bank, F.S.B., by a promissory note secured by a mortgage on the unit. In 1990, Landmark Savings was placed into receivership with the Resolution Trust Corporation (RTC), and in 1993, the RTC assigned the McKay note and mortgage to Magnolia Federal Bank for Savings of Hattiesburg, Mississippi.

Subsequently...

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