Phillips v. Board of Education of Pineville

Opinion op the Court by

Stanley, Commissioner—

Reversing.

The Board of Education of Pineville sued J. L. Phillips, B..O- Howard, Ray B. Moss, N. R. Patterson, J. S. Helton and H. H. Asher as sureties on a bond of the Bell National Bank as depository of school funds held when it closed as insolvent on January 12, 1932. Judgment was prayed for $14,400.35, but dividends from the assets of the bank during pendency of the action reduced the amount, and judgment for $3,914.34 and interest was rendered against the defendants, except Patterson, who had died. The defense was and is non est factum because…