Nelson v. River Valley Bank & Trust

Annabelle Clinton Imber, Justice.

The appellants, Cecil and Leona Nelson, claimed that a demand note issued by the appellee, River Valley Bank and Trust, was usurious because the interest rate was more than five percentage points above the federal discount rate. The trial court granted summary judgment to River Valley because it held that federal law preempted Arkansas usury law. The Nelsons appeal that ruling, and River Valley cross-appeals the trial court’s denial of its request for attorneys’ fees and expenses. We affirm both rulings.

The facts of this case are undisputed. On August 2, 1993,…