Fisher v. Rice Growers Bank
Supreme Court of Arkansas
■Appeal from St. Francis Chancery Court; Edward D. Robertson, Chancellor; 1. There was no. consideration for the notes; they were given as accommodation paper at the request of the president of the hank to cover certain overdrafts permitted by the cashier of the bank. These overdrafts when paid or secured were to be credited on the notes as paid. The evidence shows that the notes have been paid and should be cancelled.
Read the full summary
■Appeal from St. Francis Chancery Court; Edward D. Robertson, Chancellor; 1. There was no. consideration for the notes; they were given as accommodation paper at the request of the president of the hank to cover certain overdrafts permitted by the cashier of the bank. These overdrafts when paid or secured were to be credited on the notes as paid. The evidence shows that the notes have been paid and should be cancelled. Smith’s testimony can not be reconciled with the undisputed facts, and the promises of Smith, on behalf the bank, constituted the only consideration. ' The failure of the…
1Opinion of the CourtHart, J.
William Fisher and E. N. Harrod filed separate suits in the chancery court against the Rice Growers Bank to cancel a note and mortgage. Each plaintiff alleged that he signed a note payable to the Rice Growers Bank in the sum of $2,500; that the note was delivered to the bank to be used by it as collateral security for the purpose of securing money to meet certain overdrafts ; ‘that the note was executed at the solicitation of the president of the bank and solely for the accommodation of the bank; that there was no consideration whatever for the execution of the note.
The bank filed an answer…
2Cases cited1 opinion
- Boqua v. BradySupreme Court of Arkansas · 1909
3Cited by4 opinions
- Anthony v. First National Bank of MagnoliaSupreme Court of Arkansas · 1968
- Riegler v. RieglerSupreme Court of Arkansas · 1968
- Lupton v. LuptonSupreme Court of Arkansas · 1946
- Nelson v. CothamCourt of Appeals of Arkansas · 1980