First National Bank v. Nakdimen
Supreme Court of Arkansas
Appeal from Sebastian Circuit Court, Fort Smith District; Daniel Hon, Judge; 1. An agreement not to exercise a legal right is a valid consideration.
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Appeal from Sebastian Circuit Court, Fort Smith District; Daniel Hon, Judge; 1. An agreement not to exercise a legal right is a valid consideration. Forbearance or surrender of a thing of value is sufficient consideration. 106 Ark. 1; 64 Ark. 637; 27 Id. 407. Mutual promises or undertakings constitute sufficient consideration. 83 Ark. 153; see, also, 99 Ark. 241; 33 Id. 97; 1 Id. 103. The consideration may go to a third party. 40 Ark. 69. 2. The burden of proving no consideration is on defendant. '35 Ark. 279; 33 Id. 97. 3. The guaranty was special and not conditional. 71 Ark. 585; 59 Id. 86.…
1Opinion of the CourtMcCulloch, C. J.
Appellant is a national banking corporation located at the city of Fort Smith, and, on January 4, 1909, deposited in the First National Bank, of Fort Gibson, Oklahoma, the sum of $2,500, andreceived a certificate of deposit signed by the cashier. While the certificate of deposit was outstanding and unpaid in the hands of appellant, the First National Bank of Fort Gibson fell into financial straits, and the stockholders held a meeting and selected appellee as their agent to take charge of the bank and liquidate its assets. He accepted the position and proceeded with the duties thereof, and,…
2Cases cited4 opinions
- Evansville National Bank v. KaufmannNew York Court of Appeals · 1883
- Macfarland v. HeimSupreme Court of Missouri · 1895
- Lane v. LevillianSupreme Court of Arkansas · 1842
- Hoffmann v. MayaudCourt of Appeals for the Seventh Circuit · 1899
3Cited by11 opinions
- Pavlantos v. GaroufalisCourt of Appeals for the Tenth Circuit · 1937
- Mellon Nat. Bank v. Citizens Bank & Trust Co. of CamdenCourt of Appeals for the Eighth Circuit · 1937
- Marsh v. National Bank of Commerce of El DoradoCourt of Appeals of Arkansas · 1992
- Loe v. McHargueSupreme Court of Arkansas · 1965
- Gonzales v. GaunaNew Mexico Supreme Court · 1922
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