Davis v. Scott
Supreme Court of Arkansas
Appeal from Saline Chancery Court: J. P. Henderson, Chancellor; 1. Appellant is. not liable because the reorganization in February, 1908, supplanted and paid up the old stock. 104 Ark. 517. 2. Appellant was never liable personally for any unpaid balance. The stock itself was charged with a lien, regardless of whoever the holder might be. 96 Pa.
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Appeal from Saline Chancery Court: J. P. Henderson, Chancellor; 1. Appellant is. not liable because the reorganization in February, 1908, supplanted and paid up the old stock. 104 Ark. 517. 2. Appellant was never liable personally for any unpaid balance. The stock itself was charged with a lien, regardless of whoever the holder might be. 96 Pa. St. 440. ■ 3. If ever personally liable, the liability is barred. 131 Cal. 45; Kirby’s Digest, § 5064; 47 Ark. 317; 49 Id. 468; 71 Id. 379, 382. No counterclaim nor cross-complaint was ever filed in this cause. 27 Ark. 500, 504. 1. Davis is liable as…
1Opinion of the Court
Hart, J.,
(after stating the facts). (1-2) It is first contended by counsel for appellant that he was entitled to relief under the principles announced in Steele v. Hughes, 104 Ark. 517. That suit grew out of the failure of the Saline County Bank.. It will be' remembered that when the bank was first organized $25,000 of capital. stock was subscribed for, but only $5,000 of it was actually paid in. The bank carried on its business until February, 1908, when it was discovered to be in an insolvent condition. An attempt was made to reorganize the bank and to increase its captal stock to $30,000.…
2Cases cited3 opinions
- Fletcher v. Bank of LonokeSupreme Court of Arkansas · 1902
- Lester v. Bemis Lumber Co.Supreme Court of Arkansas · 1903
- Steele v. HughesSupreme Court of Arkansas · 1912
3Cited by3 opinions
- Wilson v. LucasSupreme Court of Arkansas · 1932
- England v. HughesSupreme Court of Arkansas · 1919
- Tyler v. Citizens' BankSupreme Court of Arkansas · 1931