Mortgage Electronic Registration Systems, Inc. v. Abner

OPINION

DIXON, Judge.

Appellants, Bank of New York Trust Company and Mortgage Electronic Registration Systems, Inc. (MERS), appeal from an order of the Madison Circuit Court denying their motion to compel arbitration in this foreclosure matter. As we agree with the trial court’s finding that the arbitration clause is unconscionable, we affirm.

On September 25, 2002, Appellees, Donald Wayne and Roxanne Abner, executed a promissory note in the amount of $40,000, plus interest at a rate of 10.125% per annum as specified in the note. Appellant Bank of New York is the current holder of the note. In…