FIRST NATIONAL BANK IN MENA v. Nowlin

MEMORANDUM OPINION

HENLEY, Chief Judge.

In this diversity action the plaintiff, First National Bank in Mena, Arkansas, seeks a declaratory judgment to the effect that national banks operating in Arkansas may by virtue of 12 U. S.C.A. section 85, withhold or collect true rates of interest on installment loans which would or might be considered usurious under the Constitution and laws of the State of Arkansas. Plaintiff also seeks a money judgment on two promissory notes executed in its favor in January of the current year by the defendant, Jack A. Nowlin, a citizen of Tennessee. The amount…