Buena Vista Veneer Co. v. Hodges
Supreme Court of Arkansas
Appeal from. Prairie Circuit Court; Eugene Lank-ford, Judge; STATEMENT BY THE COURT. This suit was brought by the receiver of the Des Arc Biank & Trust Company, hereinafter called the bank, against the appellant to recover the amount of .an alleged overdraft.
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Appeal from. Prairie Circuit Court; Eugene Lank-ford, Judge; STATEMENT BY THE COURT. This suit was brought by the receiver of the Des Arc Biank & Trust Company, hereinafter called the bank, against the appellant to recover the amount of .an alleged overdraft. Prior to April 6, 1913, Emmett Vaughan had been the president, and the owner of the majority of the stock of the bank, and had undertaken in various ways to interest .one Herman Romunder in the purchase of some of this bank stock, and finally concluded a trade with him, by the terms of which Mr. Romunder was to purchase 743 shares of the…
1Opinion of the Court
Smith, J.,
(after stating the facts). Various questions are raised in the briefs, but we find it necessary to discuss only one of them, that toeing the authority of Romunder to purchase the bank stock with the assets of the veneer company. We think he had no such authority. It is true he was the controlling spirit in the veneer company and dictated its policies and either owned or held in his name as president the great majority of the stock. Notwithstanding the jury, by its. verdict, must have found that Romunder directed Vaughan to deduct from the veneer company’s deposit the purchase price…
2Cases cited6 opinions
- West St. Louis Savings Bank v. Shawnee County BankSupreme Court of the United States · 1877
- Park Hotel Co. v. Fourth Nat. Bank of St. LouisCourt of Appeals for the Eighth Circuit · 1898
- Bank of Hartford v. McDonaldSupreme Court of Arkansas · 1913
- Simmons National Bank v. Dilley Foundry Co.Supreme Court of Arkansas · 1910
- R. M. Owen & Co. v. Storms & Co.Supreme Court of New Jersey · 1909
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3Cited by2 opinions
- Fite v. First Nat. Bank of SeymourCourt of Appeals of Texas · 1926
- Shaul v. KatzensteinSupreme Court of Arkansas · 1927