Exchange National Bank v. Chapline
Supreme Court of Arkansas
Appeal from Lonoke Chancery Court; John E. Mnrtinecm, Chancellor; STATEMENT BY THE COURT. The Merchants & Planters Bank, in a suit brought by T. B. Goldsby and other stockholders, was by the Lonoke Chancery Court placed in the hands of George M. Chap-line, receiver, on December 15, 1911. On the 23d of April, 1912, the Exchange National Bank, a creditor of the Merchants & Planters Bank, filed an intervention, which alleged various transactions with that bank and the following…
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Appeal from Lonoke Chancery Court; John E. Mnrtinecm, Chancellor; STATEMENT BY THE COURT. The Merchants & Planters Bank, in a suit brought by T. B. Goldsby and other stockholders, was by the Lonoke Chancery Court placed in the hands of George M. Chap-line, receiver, on December 15, 1911. On the 23d of April, 1912, the Exchange National Bank, a creditor of the Merchants & Planters Bank, filed an intervention, which alleged various transactions with that bank and the following among others: That on December 11,1909, ft. E. Eagle, S. B. Allen, Prank Barton, T. B. Goldsby and J. S. Swaim had…
1Opinion of the Court
Smith, J.,
(after stating the facts). There is no doubt that the loan made by appellant was to Eagle So Co. and not to the Merchants So Planters Bank, and it is equally as certain that Eagle deposited the note of himself and the other directors as collateral security for this individual loan made to him. But this was a non-negotiable instrument, and, as such, a holder who took it even before maturity took it subject to all defenses and equities which were available between the original parties. Am. So Eng. Enc. Law (2 ed.) vol. 4, p. 133; Wettlaufer v. Baxter, 26 L. R. A. (N. S.) 804.
The…
2Cases cited2 opinions
- Simmons National Bank v. Dilley Foundry Co.Supreme Court of Arkansas · 1910
- Stevens v. HannanMichigan Supreme Court · 1891
3Cited by3 opinions
- Walker v. Chicago, Madison & Northern RailroadIllinois Supreme Court · 1917
- Tucker v. StellSupreme Court of Arkansas · 1925
- Sommer v. NakdimenCourt of Appeals for the Eighth Circuit · 1938