Merchants & Farmers Bank v. Citizens Bank
Supreme Court of Arkansas
Appeal from Union Chancery Court; James M. Barker, Chancellor; 1. Appellee bank acquired no lien on the securities under the written instrument. There was neither a pledge nor notice of one.
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Appeal from Union Chancery Court; James M. Barker, Chancellor; 1. Appellee bank acquired no lien on the securities under the written instrument. There was neither a pledge nor notice of one. To constitute a pledge there must be a delivery. 31 Cye. 799-800; 81 Fed. 439; 103 U. S. '352; 135 Id. 478; 96 Id. 467; 133 Id. 233; 98 Ark. 384; 31 Cye. 807. 2. The instrument, at most, was an unrecorded mortgage, good between the parties, but unavailing against third parties.. 71 Ark. 517; 77 Id. 57; 97 Id. 432; 105 Id. 242. 3. There was no waiver by appellant bank of.its mortgage under § 853 of Kirby’s…
1Opinion of the CourtMcCulloch, C. J.
Appellant, Merchants & Farmers Bank, is a banking corporation doing business at Junction City, Arkansas, and A. B. Henderson was its president at the time the transactions took place which are brought under review in this litigation.
On January 3, 1912, C. A. Harris became indebted to A. B. Henderson in the sum of $5,500 and executed his note to Henderson for that amount, due and payable one year after date with interest, and to secure the payment of the note, Harris executed to Henderson a mortgage conveying certain lands. Harris was the holder of certain shares of the capital stock of…
2Cases cited3 opinions
- Curtice v. Crawford County BankCourt of Appeals for the Eighth Circuit · 1902
- Springfield Wagon Co. v. Bank of BatesvilleSupreme Court of Arkansas · 1900
- Young Coal Co. v. HillSupreme Court of Arkansas · 1914
3Cited by6 opinions
- Bank of Weiner v. Jonesboro Trust CompanySupreme Court of Arkansas · 1925
- Brandes v. BarberCourt of Appeals for the Eighth Circuit · 1926
- Jones v. RossSupreme Court of Arkansas · 1929
- Shaw v. MerrittSupreme Court of Arkansas · 1926
- Shuffield v. RaneySupreme Court of Arkansas · 1956
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