Young v. Westark Production Credit Ass'n

Ward, Justice.

Appellants, as residents of Scott County, had for several years borrowed money from the Westark Production Credit Association. The Credit Association is an agricultural credit agency created under the Farm Credit Act of 1933, 12 U. S. C., § 1131 et seq., and makes short-time loans to farmers under the terms of that Act and its own bylaws, rules and regulations promulgated thereunder.

On October 27, 1950, appellants gave to the Association their note [due November 5, 1951] for $6,400 to take up a balance which they owed it and to obtain additional funds, and secured the note by a…