Montgomery Ward & Co. v. Credit

John I. Purtle, Justice.

The appellant filed suit in the Faulkner County Circuit Court against the appellees for a debt on an open account. The trial court granted appellees’ motion for a summary judgment on the grounds that the interest charged by appellant was usurious and thereby rendered the contract void.

On appeal it is urged that the court erred in granting a summary judgment and in finding that the contract was void on the grounds of usury. We agree with appellant’s argument.

The facts are not complicated in this case. Appellant approved appellees’ application for credit on June 30,…