Bank of Dover v. Head (In re Head)

LeROY SMALLENBERGER, Bankruptcy Judge.

STIPULATED FACTS

These facts, which were stipulated to by the parties, admit that the loans would be usurious under Arkansas State law. Therefore, the sole issue to be decided by this Court, is whether the transactions in question fall under federal law, 12 U.S.C. § 86a, which preempts state law.

The following facts were stipulated to through counsel for each of the parties:(1) Tommy and Jennetta Head executed a promissory note, dated October 5, 1977, in the original principal amount of $10,-010.00 bearing interest from date, at the rate of 10% per annum,…