Wilson v. Davis
Supreme Court of Arkansas
Appeal from Denton Chancery Court; B. F. McMahcm, Chancellor; 1. The payment of the bonus was not ultra vires, and the court erred in so holding. There was no testimony that the bank through its officers exceeded its charter powers in paying the $3,100 bonus. The bank had the power to expend this sum to preserve its assets and protect its securities and a debt due to the bank. And it had the power to acquire by purchase the Texas ranch and cattle.
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Appeal from Denton Chancery Court; B. F. McMahcm, Chancellor; 1. The payment of the bonus was not ultra vires, and the court erred in so holding. There was no testimony that the bank through its officers exceeded its charter powers in paying the $3,100 bonus. The bank had the power to expend this sum to preserve its assets and protect its securities and a debt due to the bank. And it had the power to acquire by purchase the Texas ranch and cattle. Act No. 113, Acts 1913, $ 29; 5 Cyc. 492. As it acquired title to the ranch and cattle subject to the incumbrance held by appellant, it became…
1Opinion of the CourtSmith, J.
The Bank of Rogers was incorporated in 1912, with a capital stock of $150,000, and in the latter part of that year was sold to W. E. Talley and his associates by W. R. Felker, who owned the bank and operated it as a private banking institution before its incorporation and who owned most of its stock after its incorporation. At the time of this sale Felker was personally .indebted to the bank to the extent of about $85,000 and was also obligated to the bank as endorser on a large amount of paper held by the bank.
Prior to the month of July, 1913, Felker was the owner of a large cattle ranch…
2Cases cited4 opinions
- Kimball v. HarmanCourt of Appeals of Maryland · 1871
- National Fireproofing Co. v. Mason Builders' Ass'nCourt of Appeals for the Second Circuit · 1909
- Chapline v. StateSupreme Court of Arkansas · 1906
- Wyeman v. DeadySupreme Court of Connecticut · 1906
3Cited by15 opinions
- Mason v. FunderburkSupreme Court of Arkansas · 1969
- Chambers v. SternSupreme Court of Arkansas · 2002
- Baker v. State Bank of AkronIndiana Court of Appeals · 1942
- Ketcher v. Sheet Metal Workers' International Ass'nDistrict Court, E.D. Arkansas · 1953
- Robinson v. Missouri Pacific Transp. Co.District Court, W.D. Arkansas · 1949
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