American Surety Co. v. Vann
Supreme Court of Arkansas
Appeal from Sebastian Circuit Court, Port Smith District; Pawl Little, Judge; 1. The complaint stated facts sufficient to constitute a cause of action, and it was error to sustain the demurrer. Vann took trust funds with notice of the trust and subject to the trust and is liable. 96 Ark. 573; 89 Id. 168; 69 Id. 43; 68 Id. 71. 2. The Surety Company was entitled to be subrogated to all the rights of Hamilton’s wards. 37 Cye. 434, and par. C; 39 Id. 549, 557, 572.
1Opinion of the CourtSmith, J.
The appellant is engaged in the business of executing surety bonds, and executed a bond as surety for Alonzo Hamilton, as guardian of certain minors. With the funds of his wards Hamilton purchased an automobile from Yann & Sons for the sum of $750. Upon the final settlement of the guardian’s accounts a judgment was rendered against him and his surety for about two thousand dollars. This sum was paid by the surety company, whereupon it sued Yann & Sons for the money misappropriated by the guardian in the purchase of the automobile. The complaint alleged that the automobile was purchased by the…
2Cases cited3 opinions
- Carroll County Bank v. RhodesSupreme Court of Arkansas · 1900
- Boone County Bank v. ByrumSupreme Court of Arkansas · 1900
- Moss v. AdamsSupreme Court of Arkansas · 1877
3Cited by12 opinions
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- St. Paul Fire & Marine Insurance v. Murray Guard, Inc.Supreme Court of Arkansas · 2001
- American Surety Co. v. Multnomah CountyOregon Supreme Court · 1943
- Smith v. the Security Bank Trust Co.Supreme Court of Arkansas · 1938
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