Courtney v. Reap

On December 3, 1930, the State Bank Commissioner took over the Citizens’ Building & Loan Association of Little Rock, Arkansas, an insolvent building and loan association. The bank commissioner brought suit in the Pulaski Chancery Court alleging that the officers and directors had made illegal and unlawful loans without taking proper security. On December 17, A. J. Reap was appointed receiver by the Pulaski Chancery Court for the Citizens’ Building & Loan Association.

On March 19, 1931, the appellant, Ethel Courtney, filed an intervention in the Pulaski Chancery Court, alleging that about nine…