Martin v. Moore

601 S.W.2d 838 (1980)

Buford MARTIN, d/b/a Martin's Mobile Homes, Appellant,

v.

Lloyd MOORE, Appellee.

No. 80-105.

Supreme Court of Arkansas.

June 30, 1980.

Gardner & Steinsiek, Blytheville, for appellant.

Vincent E. Skillman, Jr., Skillman & Durrett, West Memphis, for appellee.

GEORGE ROSE SMITH, Justice.

Our Constitution, adopted in 1874, provides that all contracts for a greater rate of interest than 10% per annum shall be void as to principal and interest. Art. 19, § 13. The question here is whether the Constitution prohibits the practice, widely used in business transactions, of computing interest…