H. B. Claflin Co. v. Middlesex Banking Co.
U.S. Circuit Court for the District of Eastern Arkansas
In Equity. On demurrer to bill. The material allegations of the bill are that on July 28, 1890, Joe Davies and wife conveyed the lands in controversy to Harold ■ Smith as trustee to secure the payment of a large sum of money loaned to them on that date by the defendant the Middlesex Banking Company.
Read the full summary
In Equity. On demurrer to bill. The material allegations of the bill are that on July 28, 1890, Joe Davies and wife conveyed the lands in controversy to Harold ■ Smith as trustee to secure the payment of a large sum of money loaned to them on that date by the defendant the Middlesex Banking Company. This trust deed was in the nature of a mortgage, with the usual' powers of sale to the trustee in case of a default in the payment of the debt, and also with power to the cestui que trust to substitute a trustee in place of Harold Smith if he declined or is unable to act; that on August 7, 1894,…
1Opinion of the CourtTrieber, District Judge
(after stating the facts). The failure of Nugent to qualify as assignee, as prescribed by the laws of the state of Arkansas, prevents him from maintaining an action at law for the possession of the assigned estate. Bartlett v. Teah (C. C.) 1 Fed. 768; Teah v. Roth, 39 Ark. 66; State v. Dupuy, 52 Ark. 48, 11 S. W. 964. Yet a trust having been established by the conveyance to him, a court of equity will not let it fail, and will either appoint a new trustee, or permit the beneficiaries, the creditors of the assignor, the Sterling & Smith Company (one of whom the complainant is), to maintain a…
2Cases cited24 opinions
- Union Pacific Railway Co. v. WylerSupreme Court of the United States · 1895
- Clarke v. Boorman's ExecutorsSupreme Court of the United States · 1874
- Hindman v. O'ConnorSupreme Court of Arkansas · 1891
- Adams v. AdamsSupreme Court of the United States · 1874
- Batesville Institute v. KauffmanSupreme Court of the United States · 1873
19 more not listed; retrieve them via the Exa API.
3Cited by6 opinions
- Turk v. PageSupreme Court of Oklahoma · 1918
- West v. Middlesex Banking Co.South Dakota Supreme Court · 1914
- Parrilla v. Loíza Sugar Co.Supreme Court of Puerto Rico · 1937
- Hamm v. McKennyOregon Supreme Court · 1914
- Midland Oil Co. v. MooreCourt of Appeals for the Eighth Circuit · 1924
1 more not listed; retrieve them via the Exa API.