Funk v. Young
Supreme Court of Arkansas
Appeal from Benton Circuit Court; J. S. Maples, Judge; STATEMENT OP PACTS. Towne Young, trustee, brought suit against Funk & Son, E. M. Funk and Erwin C. Funk to recover the sum of $149.40 and the accrued interest alleged to be due him on a promissory note. The note is dated April 27, 1914, at Rogers, Arkansas, and is signed by Funk & Son, E. M. Funk and Erwin C. Funk.
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Appeal from Benton Circuit Court; J. S. Maples, Judge; STATEMENT OP PACTS. Towne Young, trustee, brought suit against Funk & Son, E. M. Funk and Erwin C. Funk to recover the sum of $149.40 and the accrued interest alleged to be due him on a promissory note. The note is dated April 27, 1914, at Rogers, Arkansas, and is signed by Funk & Son, E. M. Funk and Erwin C. Funk. The face of the note was for $200 and was due and payable to the order of the Bank of Rogers sixty days after date with interest at the rate of ten per cent, per annum from maturity until paid. The note had the following…
1Opinion of the Court
HART, J.,
(after stating the facts). The court erred in sustaining the plaintiff’s demurrer to the defendants’ answer and cross-complaint and in rendering judgment in favor of the plaintiff against the defendants for the amount sued for.
In Steelman v. Atchley, 98 Ark. 294, the court held that the relation between a bank and a general depositor being that of debtor and creditor, if a bank becomes insolvent, a depositor who is also indebted to the bank may set off the amount of his deposit in an action by the receiver or assignee of the bank to recover on the indebtedness due the bank. The trend…
2Cases cited7 opinions
- Coats v. MilnerSupreme Court of Arkansas · 1918
- Miller v. Receiver of the Franklin BankNew York Court of Chancery · 1829
- Steelman v. AtchleySupreme Court of Arkansas · 1911
- Bank of Hartford v. McDonaldSupreme Court of Arkansas · 1913
- Dickerson v. HambySupreme Court of Arkansas · 1910
2 more not listed; retrieve them via the Exa API.
3Cited by27 opinions
- Gilbertson v. Northern Trust Co.North Dakota Supreme Court · 1925
- United States Fidelity & Guaranty Co. v. MaxwellSupreme Court of Arkansas · 1922
- Stegal v. Union Bank & Federal Trust Co.Supreme Court of Virginia · 1934
- Hood v. BrownleeCourt of Appeals for the Fourth Circuit · 1933
- Gray v. Lincoln Housing TrustMichigan Supreme Court · 1924
22 more not listed; retrieve them via the Exa API.