Legal Opinion
M. Nahas Co. v. First National Bank
District Court, W.D. Arkansas
Decided June 8, 1990No. Civ. No. 90-6022PublishedCited by 2 opinions
1Opinion of the Court
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 interest rate of 14.5% per annum. On June 26, 1985, the parties executed an extension agreement where payments were deferred for nine months with an…
2Cases cited15 opinions
- Caterpillar Inc. v. WilliamsSupreme Court of the United States · 1987
- M'culloch v. State of MarylandSupreme Court of the United States · 1819
- Gully v. First Nat. Bank in MeridianSupreme Court of the United States · 1936
- Davis v. Elmira Savings BankSupreme Court of the United States · 1896
- John Jones v. General Tire & Rubber Co.Court of Appeals for the Seventh Circuit · 1976
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3Cited by2 opinions
- M. Nahas & Co., Inc. v. First National Bank of Hot SpringsCourt of Appeals for the First Circuit · 1991
- Federal Deposit Insurance v. Condo Group ApartmentsDistrict Court, N.D. Texas · 1992