Binghampton Trust Co. v. Auten
Supreme Court of Arkansas
Appeal from Pulaski Circuit Court, Second Division. Jos. W. Martin, Judge. STATEMENT BY THE COURT. The McCarthy-Joyce Company, an Arkansas corporation, was on 7th of December, 1892, indebted to the First National Bank of Little Rock in the sum of thirty thousand dollars; its account with the bank being overdrawn to that amount.
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Appeal from Pulaski Circuit Court, Second Division. Jos. W. Martin, Judge. STATEMENT BY THE COURT. The McCarthy-Joyce Company, an Arkansas corporation, was on 7th of December, 1892, indebted to the First National Bank of Little Rock in the sum of thirty thousand dollars; its account with the bank being overdrawn to that amount. For the purpose of raising money to pay off a portion of this debt, the company on that day executed to James Joyce two notes for five thousand dollars each, one due in four and the other in five months. We copy one of them: “Little Rock, Ark., December 7, 1892.…
1Opinion of the Court
Riddick, J.,
(after stating the facts.) This is an action by the Binghampton Trust Company against the First National Bank of Little Rock to recover damages for deceit.
The company does not ask for a rescission of its contract with the president of the bank by which it became the owner of the note of McCarthy-Joyee Company. It asks for damages for deceit and fraud practiced upon it by which it was induced to pay out a large sum of money for the worthless note of an insolvent company. A party who is induced to purchase property by deceit and fraud has an election of remedies. He may rescind the…
2Cases cited3 opinions
- Matlock v. ReppySupreme Court of Arkansas · 1886
- Fishkill Savings Institution v. National BankNew York Court of Appeals · 1880
- Goodwin v. RobinsonSupreme Court of Arkansas · 1875
3Cited by5 opinions
- Gleason v. Seaboard Air Line Railway Co.Supreme Court of the United States · 1929
- Anthony v. First National Bank of MagnoliaSupreme Court of Arkansas · 1968
- First National Bank of Webster v. First National Bank of MobridgeSouth Dakota Supreme Court · 1922
- Barnett v. Bank of PangburnSupreme Court of Arkansas · 1921
- Georgia State Building & Loan Ass'n v. ShannonMississippi Supreme Court · 1902