Miskimins v. City National Bank of Fort Smith

John A. Fogleman, Justice.

The summary judgment appealed from in this case was rendered in a suit by appellee against appellant seeking a declaration of appellee’s rights and appellant’s liability for a $9,000 balance remaining unpaid on a $25,000 loan. Appellant borrowed the money to pay for stock in Investors Thrift Corporation (hereinafter referred to as ITC), and used it for that purpose. The proceeds of the sale of .stock by ITC were to be used in the purchase of stock of American Home Builders, Inc., (hereinafter called AHB), which in turn owned the controlling stock in Peoples Loan and…