Fletcher v. Bank of Lonoke
Supreme Court of Arkansas
Appeal from Lonoke Chancery Court. Thomas B. Martin, Chancellor. Where there is a duty to know, negligent ignorance has the same effect as actual knowledge. 3 Thomp.
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Appeal from Lonoke Chancery Court. Thomas B. Martin, Chancellor. Where there is a duty to know, negligent ignorance has the same effect as actual knowledge. 3 Thomp. Corp. § 4108. The directors were bound to know, at their peril. 38 Ark. 17. The right to sue the directors is the only question involved ini this appeal. 34 Ark. 323; 38 Ark. 17; 59 Ark. 562. The amount of stock subscribed by appellee remaining unpaid is $250. Sand. & H. Dig., § 1337. And in this action is not liable for the remainder of the stock. 34 Ark. 323; Cook, Stock & Stockholders, §§ 205, 206, 208; 2 Morawetz, Corp. §§…
1Opinion of the CourtBattle, J.
W. P. Fletcher, receiver, for the use of the German National Bank and certain other creditors of the Bank of Lonoke, instituted this suit against the latter bank, C. W. England and other stockholders thereof, to recover so much of the stock of such shareholders as remains unpaid. The authority of the receiver to bring the action is not shown. We shall treat it as brought by creditors.
Plaintiffs allege in their complaint, substantially, as- follows: The Bank of Lonoke is a corporation organized under the laws of this state. It is indebted to them and others in large sums of money. The…
2Cases cited12 opinions
- National Tube Works Co. v. BallouSupreme Court of the United States · 1892
- Baines v. BabcockCalifornia Supreme Court · 1892
- Adderton v. CollierSupreme Court of Missouri · 1862
- Baxter v. MosesSupreme Judicial Court of Maine · 1885
- Euclid Avenue National Bank v. JudkinsSupreme Court of Arkansas · 1899
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3Cited by19 opinions
- Ford Hardwood Lumber Co. v. ClementSupreme Court of Arkansas · 1911
- Burt v. HendersonSupreme Court of Arkansas · 1922
- Firestone Tire & Rubber Co. v. LittleCourt of Appeals of Arkansas · 1980
- Rogers v. WatkinsSupreme Court of Arkansas · 1975
- Bank of Des Arc v. MoodySupreme Court of Arkansas · 1913
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