Graves v. First National Bank
Supreme Court of Arkansas
Appeal from Benton Chancery Court; W. A. Falconer, Chancellor; 1. Appellant had the right to prove that the $350.00 note was executed for a separate consideration for the Sp'ringtown lots, and that the $475.00 note was not a lien on the 40-acre tract, and that the bank had notice. A vendor’s lien does not arise from an exchange of lands. The-40 acre tract was not subject to the lien. Pom. Eq. Jur.
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Appeal from Benton Chancery Court; W. A. Falconer, Chancellor; 1. Appellant had the right to prove that the $350.00 note was executed for a separate consideration for the Sp'ringtown lots, and that the $475.00 note was not a lien on the 40-acre tract, and that the bank had notice. A vendor’s lien does not arise from an exchange of lands. The-40 acre tract was not subject to the lien. Pom. Eq. Jur. (3d ed.), §§ 1251, 1255; 36 Barb. 195; 13 Aik. 112; 99 Id. 218, 350; 54 Id. 195; 75 Id. 89. Parol evidence was admissible. 27 Ark. 510; Jones on Ev., § 499; 121 111. 366; 93 Ark. 191; 69 Id. 313; 53…
1Opinion of the CourtMcCulloch, C. J.
This is an action instituted by appellee, First National Bank of Bentonville, Arkansas, as assignee of two negotiable promissory notes, alleged to be secured by a vendor’s lien on real estate, to recover the amount of said notes and to enforce the lien on the land. The notes were executed by Alvin Jones to Thomas Tate, and by the latter sold and assigned before maturity to said appellee. Appellant, J. I. Graves, purchased the land from Jones, and was made a party defendant in the action. Jones and Tate were also made defendants, the former as maker of the note and the latter as assignor.
Jones…
2Cases cited1 opinion
- Pullen v. WardSupreme Court of Arkansas · 1894
3Cited by2 opinions
- Rockford Trust Company v. PurtellSupreme Court of Arkansas · 1931
- Hankins v. Merchants' & Planters' BankSupreme Court of Arkansas · 1923