Exchange National Bank v. Steele
Supreme Court of Arkansas
Appeal from Lonoke Circuit Court; Eugene Lank-ford, Judge; STATEMENT by the court. This was a suit in replevin, brought by appellant in the Lonoke Circuit Court, to recover the possession of two mules, the appellant claiming title to the mules as an innocent purchaser of a note given to Eagle & Co., of England, Ark., by T. E. Tolson for the purchase price of said mules, the title thereto remaining in Eagle & Go. until the full purchase price should be paid.
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Appeal from Lonoke Circuit Court; Eugene Lank-ford, Judge; STATEMENT by the court. This was a suit in replevin, brought by appellant in the Lonoke Circuit Court, to recover the possession of two mules, the appellant claiming title to the mules as an innocent purchaser of a note given to Eagle & Co., of England, Ark., by T. E. Tolson for the purchase price of said mules, the title thereto remaining in Eagle & Go. until the full purchase price should be paid. Eagle & Co. did a large business at England and borrowed large sums of money from the appellant bank and deposited as collateral for…
1Opinion of the Court
Smith, J.,
(after stating the facts). Notwithstanding the reservation of title in the note herein set out, this was a negotiable note. It was an unconditional promise to pay a sum of money named and the recital of the consideration for which it was given, and the security reserved to insure its payment, did not destroy its negotiability. There was no option for the payment of anything but money and the reservation of title to the mules merely furnished a security for its payment which did not affect its negotiability. Third Nat. Bank of Buffalo v. Spring, 63 N. Y. Supp. 410. The rule in such…
2Cases cited9 opinions
- Exchange National Bank v. CoeSupreme Court of Arkansas · 1910
- State National Bank v. HyattSupreme Court of Arkansas · 1905
- Koen v. MillerSupreme Court of Arkansas · 1912
- Miles v. DodsonSupreme Court of Arkansas · 1912
- Third National Bank v. Bowman-SpringAppellate Division of the Supreme Court of the State of New York · 1900
4 more not listed; retrieve them via the Exa API.
3Cited by6 opinions
- Murrell v. Exchange BankSupreme Court of Arkansas · 1925
- Newell Contracting Co. v. McConnellSupreme Court of Arkansas · 1923
- Exchange National Bank v. LittleSupreme Court of Arkansas · 1914
- Bennett v. SemmesDistrict Court, E.D. Arkansas · 1923
- People's Savings Bank v. ManesSupreme Court of Arkansas · 1918
1 more not listed; retrieve them via the Exa API.