Darragh Co. v. Goodman
Supreme Court of Arkansas
Appeal from Grant Chancery Court; Jethro P. Henderson, Chancellor; STATEMENT BY THE COURT. These appeals involve the correctness of the decrees of the Pulaski and Grant Chancery Courts, the one requiring the receiver of an insolvent 'bank to pay from the ■moneys on hand at the time of its failure the full amount of certain drafts collected by it shortly before its failure to the drawer bank, to the exclusion of the general creditors, and the other denying the drawer of the…
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Appeal from Grant Chancery Court; Jethro P. Henderson, Chancellor; STATEMENT BY THE COURT. These appeals involve the correctness of the decrees of the Pulaski and Grant Chancery Courts, the one requiring the receiver of an insolvent 'bank to pay from the ■moneys on hand at the time of its failure the full amount of certain drafts collected by it shortly before its failure to the drawer bank, to the exclusion of the general creditors, and the other denying the drawer of the draft such right to the payment of the amount collected out of the cash assets of the defunct bank, and have been…
1Opinion of the Court
Kirby, J.,
(after stating the facts). It is contended on the one hand that only the relation of principal and agent existed between the collecting bank and the drawer of the drafts collected and that the amount collected remained the property of the drawer, a trust fund which the receiver could be required to account for to the exclusion of the general creditors, and on the other that only the relation of debtor and creditor was created by the transactions .and the drawers of the drafts were not entitled to any preference payment out of the cash assets of the defunct bank.(1) No principle of…
2Cases cited17 opinions
- Ward v. SmithSupreme Court of the United States · 1869
- Macy v. RoedenbeckCourt of Appeals for the Eighth Circuit · 1915
- Sweeney v. LommeSupreme Court of the United States · 1874
- Merchants & Planters Bank v. MeyerSupreme Court of Arkansas · 1892
- Warren v. NixSupreme Court of Arkansas · 1911
12 more not listed; retrieve them via the Exa API.
3Cited by21 opinions
- Hecker-Jones-Jewell Milling Co. v. Cosmopolitan Trust Co.Massachusetts Supreme Judicial Court · 1922
- Taylor v. Corning Bank & Trust Co.Supreme Court of Arkansas · 1931
- Bridgeport Co. v. United States Postal ServiceUnited States Bankruptcy Court, E.D. Arkansas · 1984
- Winkler v. VeigelSupreme Court of Minnesota · 1929
- Shull v. BeasleySupreme Court of Oklahoma · 1931
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