Bankers Trust Co. v. McCloy
Supreme Court of Arkansas
Appeal from Drew Circuit Court; H. W. Wells, Judge; 1. The stockholders’ resolution, if regularly adopted, would not create, in law, any lien on the stock. Kirby’s Dig., § 853. Nor was there any statutory lien. A contingent claim is not a “debt due.” Ib.; 4 Thompson on Corporations, § 4000, p. 556. 2. There was no lien at common law. If any existed, it-must be statutory.
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Appeal from Drew Circuit Court; H. W. Wells, Judge; 1. The stockholders’ resolution, if regularly adopted, would not create, in law, any lien on the stock. Kirby’s Dig., § 853. Nor was there any statutory lien. A contingent claim is not a “debt due.” Ib.; 4 Thompson on Corporations, § 4000, p. 556. 2. There was no lien at common law. If any existed, it-must be statutory. “Debt” means a sum certain. 1 Mass. 471; 31 N. J. Eq. 554. It never means a contingent liability. 37 Cal. 524; 54 Ala. 639; 53 N. J. Eq. 633; 98 Pa. 308-402; 31 Mich. 76; 2 Hill (N. Y.) 220; 3 Seld. 124; 17 N. Y. 458; 63 Fed.…
1Opinion of the CourtMcCulloch, C. J.
Appellees, J. J. McCloy and Y. J. Trotter, instituted this action in the circuit court of Drew County against appellant, Bankers Trust Company of St. Louis, a foreign corporation, to recover damages, laid in the sum of $2,478, on account of the breach of an alleged warranty in the sale of certain shares of the capital stock of the Chicot Bank & Trust Company, a banking corporation domiciled and doing business at Lake Village, Chicot County, Arkansas.
The case was tried before the circuit court sitting as a jury, and the trial resulted in a judgment in favor of appellees for the recovery of the…
2Cases cited15 opinions
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- Brinkerhoff-Farris Trust & Savings Co. v. Home Lumber Co.Supreme Court of Missouri · 1893
- Jennings v. Bank of CaliforniaCalifornia Supreme Court · 1889
- Driscoll v. . West Bradley C.M. Co.New York Court of Appeals · 1874
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- Young Coal Co. v. HillSupreme Court of Arkansas · 1914
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