Millsaps v. Chapman
Mississippi Supreme Court
From the chancery court, second district, of Coahoma county. Hon. A. H. Longino, Chancellor. Chapman, receiver, etc., of the Clarksdale Bank & Trust Company and several creditors of that institution, the appellees, were complainants in the court below, appellant, Mill-saps, and others were defendants there. The facts are stated in the opinion of the court.
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From the chancery court, second district, of Coahoma county. Hon. A. H. Longino, Chancellor. Chapman, receiver, etc., of the Clarksdale Bank & Trust Company and several creditors of that institution, the appellees, were complainants in the court below, appellant, Mill-saps, and others were defendants there. The facts are stated in the opinion of the court. The lots sold by the bank to Millsaps were taken by the bank as security and were sold as a step in the collection of debts. Under the authorities, the purchase will be upheld. The price put upon the lots was $8,000. At this sum they were…
1Opinion of the CourtWoods, C. J.
The bill charges combination and confederation by the directors of the bank whereby and in pursuance of which they have wasted the assets of the bank, have used the deposits of creditors to pay obligations on which they were liable, and have violated their duty as directors, ■ being trustees for creditors and depositors, all the while saving themselves harmless by thus using and appropriating the funds of the bank and those of depositors. In the nineteenth and twentieth paragraphs of the bill two specific objects are sought. In the nineteenth paragraph it is charged that the defendant,…
2Cited by12 opinions
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- University of Richmond v. StoneSupreme Court of Virginia · 1927
- Skinners v. HulseySupreme Court of Florida · 1931
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