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2019 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
Universal Citation:
AR Code § 4-56-101 (2019)
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(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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