Overton Construction, Inc. v. First State Bank, Springdale

Richard B. Adkisson, Chief Justice.

Appellant, Over-ton Construction, Inc., by its president, Michael J. Overton, and its secretary, Vickie Overton, executed to appellee, First State Bank, Springdale, Arkansas, a promissory note dated November 29, 1980, in the amount of $154,161.90, bearing interest at a rate of First State Bank’s floating prime plus 2%, payable on demand, or if no demand, on or before November 29, 1981, and secured by residential lots. The note was a renewal of a previous loan guaranteed by appellee, Dwain A. Newman. The Washington County Chancery Court found the note not…