Murphy v. Citizens' Bank
Supreme Court of Arkansas
Appeal from Union Circuit Court; Charles W. Smith, Judge; 1. The fact of usury was res judicata. A judgment of a court having jurisdiction of the subject-matter is conclusive between the parties until reversed or set aside. 2. The debt, being usurious, was void, and the securities or their proceeds must be surrendered. 1 Schoulers Pers. Prop. 343; 29 Am. & Eng. Enc. of L. (2 Ed.), 516; 48 Ark. 479; 1 Edm. Sel.
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Appeal from Union Circuit Court; Charles W. Smith, Judge; 1. The fact of usury was res judicata. A judgment of a court having jurisdiction of the subject-matter is conclusive between the parties until reversed or set aside. 2. The debt, being usurious, was void, and the securities or their proceeds must be surrendered. 1 Schoulers Pers. Prop. 343; 29 Am. & Eng. Enc. of L. (2 Ed.), 516; 48 Ark. 479; 1 Edm. Sel. Cas. 475; 4 Pet. 205; Tyler on Usury (1 Ed), 431. 1. The burden was on appellant to prove the allegation of res judicata, and this is not done by merely proving that tne court had…
1Opinion of the CourtMcCuuloch, J.
Appellant, Guy Murphy, as receiver of the El Dorado Lumber and Planing Mill Company, a defunct domestic corporation, instituted this action against the appellee, Citizens’ Bank of Junction City, to recover money collected by the bank upon, collaterals deposited with it by the lumber company and applied in payment of a debt to the bank alleged to be tainted with usury.
It is alleged in the complaint that the bank advanced money to the lumber company under an agreement that the latter was to pay interest thereon at the rate of 10 per cent, per annum, and in addition thereto 1 1-2 per cent, upon…
2Cases cited4 opinions
- Gibson v. BucknerSupreme Court of Arkansas · 1898
- Hall v. ColeSupreme Court of Arkansas · 1903
- Watkins v. MartinSupreme Court of Arkansas · 1901
- Kendall v. DavisSupreme Court of Arkansas · 1892
3Cited by31 opinions
- Funk v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1947
- Frank v. Wilson & Co.Supreme Court of Delaware · 1943
- Spears v. StateSupreme Court of Arkansas · 1978
- Southern Farmers Assn., Inc. v. WyattSupreme Court of Arkansas · 1962
- Paridy v. Caterpillar Tractor Co.Court of Appeals for the Seventh Circuit · 1931
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