Geyer v. First Arkansas Development Finance Corp.

Paul Ward, Justice.

This is an appeal from a chancery decree involving two foreclosures. The material facts summarized below are not in dispute.

John M. Geyer, Jr. and his wife (appellants here), on February 19, 1963, executed their note for $60,000 to First Arkansas Development Finance Corporation (an appellee here, and referred to as Corporation). The note was secured by a first mortgage on certain real estate, and also by a security agreement on personal property — all belonging to appellants. Later, appellants executed their note to Southwest Factoring Corporation (an appellee and referred…