Young v. Staude

Darrell Hickman, Justice.

This chancery case is reversed and remanded because the trial court, on its own, ordered reformation of a promissory note and deed of trust when the only matter before the court was a motion for summary judgment on the issue of usury.

The appellants, residents of Texas, sued the appellees, residents of Louisiana, to cancel a land transaction concerning property in Marion County, Arkansas. The suit was for rescission or, in the alternative, to declare the note void for ususry. The note provided for 10-1/2 percent interest on its face.

The appellants filed a motion for…