Iron Mountain & Helena Rail Road v. Stansell
Supreme Court of Arkansas
APPEAL from Phillips Circuit Court. Hon. J. C. Palmer Special Judge. The certificates being issued on bank note paper, in the similtude of bank notes, and intended to circulate as money were void. Gantt’s Dig. Sec’s. 748-752; Bishop on Gont. Sec. 458; 5 Ark, 358 j 32 Id., 631; 17 Mass. * p. 259; 21 Iowa, 565 ; 9 Paige, 470; 12 Wall., 342 ; 4 Id., 447; 3 McLean G. G., 102 ; lb., 265. If appellee had any right it was against the individuals who signed them.
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APPEAL from Phillips Circuit Court. Hon. J. C. Palmer Special Judge. The certificates being issued on bank note paper, in the similtude of bank notes, and intended to circulate as money were void. Gantt’s Dig. Sec’s. 748-752; Bishop on Gont. Sec. 458; 5 Ark, 358 j 32 Id., 631; 17 Mass. * p. 259; 21 Iowa, 565 ; 9 Paige, 470; 12 Wall., 342 ; 4 Id., 447; 3 McLean G. G., 102 ; lb., 265. If appellee had any right it was against the individuals who signed them. Gcmtt’s Dig., supra; 32 Ark, 640-2-3. Appellee was not an innocent holder for value, as he received them knowing them to have been…
1Opinion of the CourtSmith, J.
The Iron Mountain & Helena Rail Road Company made a contract in 1873 with the Southern Construction Company for the building of its road. For work done and materials furnished the Construction Company was to receive all subscriptions voted- by counties, cities and towns along the line of the road, as well as all subscriptions by individuals and all unsold stock of the railroad company. Being unable to collect these subscriptions promptly, so as to pay for the work as it proceeded, the board of railroad directors in 1874, by resolution, authorized the issue of certain “ Freight and…
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