Speights v. Arkansas Sav. & Loan Ass'n

Paul Ward, Associate Justice.

On May 13, 1963 James L. Speights and wife (appellants herein) entered into a Avritten contract with Bill Boland, d/h/a Benton Home Clinic, for the construction of an addition to appellants ’ place of business in Benton (described as the south eighty feet of Lot 1, Block 3, Hillcrest Addition). The agreed contract price was $7,500. This amount was borrowed from Arkansas Savings and Loan Association (hereafter called Arkansas) on a note signed by appellants and secured by a first mortgage on the property mentioned above.

After Boland had spent most of the $7,500 but…