(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.
Structure Arkansas Code
Title 4 - Business and Commercial Law
Subtitle 5 - Contracts, Notes, and Other Commercial Instruments
Chapter 56 - General Provisions
§ 4-56-102. Unlawful acts relating to secured interests on certain farm products
§ 4-56-103. Reimbursement for taxes
§ 4-56-104. Hold harmless clause in construction contracts unenforceable — Definitions