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2015 Arkansas Code
Title 4 - Business and Commercial Law
Subtitle 5 - Contracts, Notes, And Other Commercial Instruments
Chapter 56 - General Provisions
§ 4-56-101 - Attorney's fees.

AR Code § 4-56-101 (2015) What's This?

(a) 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.

(b) This section shall apply only to notes executed from and after June 7, 1951.

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