First National Bank of Corning v. Wells River Savings Bank

The Western Clay Drainage District was created by a special- act of the 1907 General Assembly, and, pursuant thereto, assessments of benefits’were made and the roll thereof was filed, as provided by the act, with the recorder of deeds of Clay County, on December 24, 1912. A pledge of the betterments was made as authorized hy the act to secure the payment of a bond issue by the improvement district, and, as was said in the case of Hopson v. Oliver, 174 Ark. 659, 298 S. W. 489, the pledge was in the nature of a first mortgage lien inuring to the benefit and protection of the holders of the…