Attorney's fees
Applied in 4 court decisions — leading case First Nat. Bank of Crossett v. Griffin (1992)
Most recently applied in 51 Ark. App. 4 - Kinkead v. Union National Bank (October 1995)
Acts 1951, No. 350, §§ 1, 2; A.S.A. 1947, §§ 68-910, 68-910n.
Court decisions citing this, by year. The dip in the last several years is a data-coverage gap, not a real trend — our corpus holds fewer opinions from the most recent years, so recent citations are undercounted.
(1) A provision in a promissory note for the payment of reasonable attorney's fees, not to exceed ten percent (10%) of the amount of principal due, plus accrued interest, for services actually rendered in accordance with its terms is enforceable as a contract of indemnity.
(2) This section shall apply only to notes executed from and after June 7, 1951.
Current official text: Arkansas General Assembly. Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Arkansas statutes; confirm against the official source for the current text. Not legal advice.