(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.Acts 1951, No. 350, §§ 1, 2; A.S.A. 1947, §§ 68-910, 68-910n.
Arkansas Legal Code