Romunder v. Caskey
Supreme Court of Arkansas
Appeal from Prairie Chancery Court, Northern District; John M. Elliott, Chancellor; Appellant was never a stockholder in the bank. There was no consideration for the “memorandum of understanding” he signed, and his purchase of stock was brought about by false and fraudulent representations.' The assets and liabilities of the bank were gross misrepresentations and fraud upon him and avoided the agreement to purchase stock. No stock was ever delivered to him.
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Appeal from Prairie Chancery Court, Northern District; John M. Elliott, Chancellor; Appellant was never a stockholder in the bank. There was no consideration for the “memorandum of understanding” he signed, and his purchase of stock was brought about by false and fraudulent representations.' The assets and liabilities of the bank were gross misrepresentations and fraud upon him and avoided the agreement to purchase stock. No stock was ever delivered to him. None of the conditions upon which he was to purchase stock were ever complied with. He was never an officer or a director in the bank.…
1Opinion of the CourtHumphreys, J.
This suit was instituted in the Prairie Chancery Court, Northern District, by' appellee, W. J. Caskey, receiver of an insolvent banking corporation styled “Des Arc Bank & Trust Company,” under an order of court, against appellant and other stockholders of said bank and trust company, to recover unpaid balances due on stock alleged to have been purchased by each. The complaint contained, among other allegations, the following: That appellant purchased 734 shares of stock of the par value of $25 per share, on which there had been paid $5 per share, leaving a balance of $20 per share due and…
2Cases cited4 opinions
- Scott v. DeweeseSupreme Court of the United States · 1901
- Jarratt v. LangstonSupreme Court of Arkansas · 1911
- Grant v. LedwidgeSupreme Court of Arkansas · 1913
- Porter v. MorrisSupreme Court of Arkansas · 1917