Bank of Searcy v. Merchants Grocer Co.
Supreme Court of Arkansas
Appeal from White Circuit Court; J. M. Jackson, Judge; 1. When the appellee filed its claim in bankruptcy and accepted dividends as such it waived any lien it had upon the stock pledged to the bank. 9 Fed. 371; 5 Id. 55; 217 Id. 20; U. S. Law Ed., volume '26, p. 1042; 69 Ark. 271. Appellee made its election of remedies and is bound thereby. IT.
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Appeal from White Circuit Court; J. M. Jackson, Judge; 1. When the appellee filed its claim in bankruptcy and accepted dividends as such it waived any lien it had upon the stock pledged to the bank. 9 Fed. 371; 5 Id. 55; 217 Id. 20; U. S. Law Ed., volume '26, p. 1042; 69 Ark. 271. Appellee made its election of remedies and is bound thereby. IT. S. 39 Law Ed. 62; 115 N. Y. 387, 393-4; 5 Mete. 49-51; 111 Mass. 272; 174 Fed. 409; 209 U. S. 385; U. S. 33 Law Ed. 705; 94 Fed. 631; 74 Id. 398.; 78 Ark. 569; U. S. 11 Law Ed. 238; 219 Fed. 421. 2. Appellee as estopped from claiming a lien by the acts…
1Opinion of the CourtMcCulloch, C. J.
Appellee, Merchants Grocer Company, is a domestic corporation engaged in the. wholesale grocery business, and Mrs. N. A. Petty was one of its stockholders, being the owner of thirty shares of the capital stock of the company of the par value of $25 per share, which stood on the books of the company in her name. E. C. Petty & Company, a partnership composed of E. C. Petty and Mrs. N. A. Petty, who were engaged in the retail grocery business, became indebted to appellee on a promissory note and an open account, all of which indebtedness aggregated the sum of $864.41 at the time the present…
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