Richeson v. National Bank
Supreme Court of Arkansas
Appeal from Polk Chancery Court; W. H. Collins, Special Chancellor; 1. Under the facts in this case, the only valid indebtedness secured by the mortgage was the two five thousand dollar notes upon which appellant was surety.
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Appeal from Polk Chancery Court; W. H. Collins, Special Chancellor; 1. Under the facts in this case, the only valid indebtedness secured by the mortgage was the two five thousand dollar notes upon which appellant was surety. This being true, appellant would be subrogated to the entire rights of the mortgagee, and entitled to priority of payment. 1 Jones on Mortgages (2 ed.) ¶ 88i; Baylies on Sureties & Guarantors, 368, 369, § 5; 27 Cyc. 1070; Id. 1065. ' 2. The alleged assumption by the loan company of the lumber company’s indebtedness was wholly executory, and so remains by reason of the…
1Opinion of the CourtFrauenthal, J.
This is an appeal from a decree of the Polk Chancery Court determining the priority of liens of certain creditors upon the property of the Howard Dumber Company, a domestic manufacturing and business corporation, of whose assets said chancery court had taken charge under insolvency proceedings instituted against it. In February, 1909, the Howard Dumber Company was largely indebted to various creditors, and, though it had assets ordinarily worth more than its liabilities, it was pressed for money and unable to pay its debts. It was indebted to the National Bank of Mena (hereinafter referred to…
2Cases cited15 opinions
- National Bank v. MatthewsSupreme Court of the United States · 1879
- National Bank v. WhitneySupreme Court of the United States · 1881
- Gold-Mining Co. v. National BankSupreme Court of the United States · 1878
- Wright v. HughesIndiana Supreme Court · 1889
- Bloom v. Home Insurance AgencySupreme Court of Arkansas · 1909
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3Cited by15 opinions
- Shaddix v. National Surety Co.Supreme Court of Alabama · 1930
- Kissire v. Plunkett-Jarrell Grocer Co.Supreme Court of Arkansas · 1912
- Houghtelin v. DiehlIdaho Supreme Court · 1929
- Blackburn v. ThompsonSupreme Court of Arkansas · 1917
- Collins v. Kingsberry Homes Corp.District Court, N.D. Alabama · 1963
10 more not listed; retrieve them via the Exa API.