Bank of Eclectic v. Sturdivant Bank
Supreme Court of Alabama
Appeal from Circuit Court, Elmore County; Gaston Gunter, Judge. Action by the Sturdivant Bank against the Bank of Eclectic. Decree for plaintiff, and defendant appeals.. The bill in this case was filed by the Stur-' divant Bank, a partnership, against the Bank of Eclectic (appellant), the Elmore County Bank, and others.
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Appeal from Circuit Court, Elmore County; Gaston Gunter, Judge. Action by the Sturdivant Bank against the Bank of Eclectic. Decree for plaintiff, and defendant appeals.. The bill in this case was filed by the Stur-' divant Bank, a partnership, against the Bank of Eclectic (appellant), the Elmore County Bank, and others. The bill, in substance, charges, as follows: The Elmore County Bank, prior to December 7, 1916, was engaged in the general banking business, with H. S. Holloway as president and G. A. Collins as cashier, and that on said date the Bank of Eclectic was also engaged in a general…
1Opinion of the CourtGardner, J.
[1] We are in full accord with the conclusion of the court below that at the time of the transfer of all the assets of the Elmore County Bank to the Bank of Eclectic the former was largely indebted to the latter, which debt formed a controlling consideration for such transfer. If the Sturdivant Bank, therefore, was a creditor of the Elmore County Bank at the time, the equity of its bill to have such a transaction declared a general assignment for the benefit of all creditors of said Elmore County Bank cannot be questioned. Section 4295, Code of 1907; Elliott v. Kyle, 176 Ala. 376, 58 South.…
2Cases cited5 opinions
- Montgomery B. & T. Co. v. WalkerSupreme Court of Alabama · 1913
- McGhee v. Importers & Traders National BankSupreme Court of Alabama · 1890
- First National Bank v. First National BankSupreme Court of Alabama · 1897
- Moore v. PopeSupreme Court of Alabama · 1892
- Elliott v. KyleSupreme Court of Alabama · 1912