Nelson v. River Valley Bank & Trust

971 S.W.2d 777 (1998)

334 Ark. 172

Cecil and Leona NELSON, Appellant,

v.

RIVER VALLEY BANK & TRUST, Appellee.

No. 97-1367.

Supreme Court of Arkansas.

July 9, 1998.

Oscar Stilley, Fort Smith, for Appellant.

J. Michael Cogbill, Virginia C. Trammell, Fort Smith, for Appellee.

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…