The Planters Nat'l Bk. of Mena v. Townsend

123 S.W.2d 527, 197 Ark. 267, 1938 Ark. LEXIS 396
CourtSupreme Court of Arkansas
DecidedDecember 5, 1938
Docket4-5273
StatusPublished
Cited by3 cases

This text of 123 S.W.2d 527 (The Planters Nat'l Bk. of Mena v. Townsend) is published on Counsel Stack Legal Research, covering Supreme Court of Arkansas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
The Planters Nat'l Bk. of Mena v. Townsend, 123 S.W.2d 527, 197 Ark. 267, 1938 Ark. LEXIS 396 (Ark. 1938).

Opinion

Humphbbys, J.

Florence Taylor and Maggie Townsend brought suit against James Keyes, administrator of the estate of Harrison Thompson, deceased, and the Planters. National Bank of Mena in the chancery court of Polk county, on the 26th day of January, 1938. The complaint filed -by them is as follows:

“The plaintiffs, Florence Taylor and Maggie Townsend, for their cause of action state that On the 26th day of September, 1917, B. F. Thompson, -now deceased, executed to his son, Harrison Thompson, a deed, to the following-lands in Polk county containing 240 acres (particularly describing same); that the consideration expressed in the deed was as follows: 'One thousand dollars, cash in hand (receipt of which is hereby acknowledged), and one thousand to be paid to each of the following persons to-wit: Maggie Bales $1,000, Scottie Taylor $1,000, Rose Mantooth $1,000, Florence Taylor $1,000 and Maude Mims $1,000; the above heirs one thousand dollars each in 1918 with the further provision that the grantee would take care of the grantor during the balance of the life of the grantor’; a lien was retained upon said lands to secure the payment of the residue of the purchase money. A copy .of said deed is hereto attached and made a part of this complaint; that at the time of the execution of the deed, Maggie Townsend, one of the plaintiffs herein, was named Maggie Bales and she is the person referred to in said deed as Maggie Bales; that B. F. Thompson had two children in addition to the children mentioned in the deed, to-wit: Dora Keyes and Frank Thompson, and had, prior to the execution of the deed as aforesaid, conveyed to each of said two children 80 acres of land; that the execution of the deed to Dora Keyes and Frank Thompson and the provisions of the deed to Harrison Thompson were intended by the said B. F. Thompson to be-a distribution of his estate among his children; that' Harrison Thompson made settlement with all of the children named in the deed except these plaintiffs, Florence Taylor and Maggie Townsend; that said defendants have received no part of the amount which the deed directed should be paid to them; that on the 29th day of September, 1933, for the purpose of securing the payment of a note for $2,200 and interest, Harrison Thompson executed to the Planters National Bank of Mena a mortgage on the same land described in the deed from B. F. Thompson to Harrison Thompson; that the mortgage recites that the mortgagor warranted the title against all lawful claims except a prior lien for $2,000, an undivided one-third interest in and to said lands to ivhich this mortgage is inferior.’ A copy of said mortgage is filed herewith and made a part of this complaint; that Harrison Thompson died on November 14, 1937, and James Keyes was by the probate court of Polk county appointed administrator and is qualified as such administrator; that the estate of Harrison Thompson owes debts in addition to the amounts specifically mentioned as being due these plaintiffs and the National Bank of Mena, which said debts amount to as much or more than the assets in the hands of the administrator.

‘ ‘ The plaintiffs allege that the claims of $2,000 mentioned in the mortgage as being a prior lien referred to the amounts due the plaintiffs herein and that the one-third interest in and to said lands referred to the one-third of the amount of the consideration mentioned in the deed from Ben Thompson to Harrison Thompson; that the defendant, Planters National Bank of Mena, accepted the mortgage ’ with the understanding and full knowledge as expressed in tlie mortgage that the claims of the plaintiffs were superior to the claim of the bank and that the plaintiffs had a lien superior to that of the bank; the plaintiffs pray for ¡judgment for the sum of $1,000 each with interest thereon at the rate of 6 per cent, per annum from the 26th day of September, 1917, and that the court by proper order direct a commissioner, to be appointed by the court to sell the lands described herein at such time and under such terms as the court may adjudge to be proper, and that from the proceeds of such sale the commissioner pay to these plaintiffs the amounts that may be adjudged to be due them, the costs and expenses of this suit and the sale, and whatever balance may remain, if any, pay to the Planters National Bank on the obligation mentioned herein, and if any amount should then remain, that it be paid to James Keyes as administrator of the estate of Harrison Thompson; and the plaintiffs pray such other and proper general relief as may be just and equitable. ’ ’

Subsequent to filing this complaint Florence Taylor died and the cause was revived upon proper showing in the name of the beneficiaries of her will.

An amended and substituted answer was then filed by the Planters National Bank of Mena as follows:

1.

“Defendant denies each and every material allegation of the complaint of the plaintiffs herein.

2.

“And this further: that on the 1st day of August, 1934, the deceased, Harrison Thompson, being then and there in full life and vigor and being indebted to this defendant in the sum of $150, executed his certain promissory note, of that date, in said amount, bearing interest at the rate of 8 per cent, per annum from date until paid, payable on the first day of July, 1935; that there is now due on said note the principal sum, together with interest thereon at the rate of 8 per cent, per annum'from August 1, 1934, less a credit of $18.75; a copy of said note is attached hereto, marked ‘Exhibit A,’ and made a part hereof; the original being held subject'to the inspection of all parties in interest.

“Also, on the 22nd day of May, 1937, the deceased, Harrison Thompson, being then and there in full life and vigor and being further indebted to this defendant in the sum of $998.77, executed his certain other and different promissory note, of that date, in said amount, bearing interest at the rate of 8 per cent, per annum from May 22, 1937; that a copy of said note is attached hereto, marked ‘Exhibit B,’ and made a part hereof; the original being held subject to the inspection of all parties in interest.

“Also: on the 13th day of September, 1.937, the deceased, Harrison Thompson, being then and there in full life and vigor and being further indebted to this defendant in the sum of $100, executed his certain other and different promissory note, of that date, in said amounf, bearing interest at the rate of 8 per cent, per annum from date until paid, payable 90 days after date; that there is now due on said note the principal sum, together with interest thereon at the rate of 8 per cent, per annum from September 13, 1937; that a copy of said note is attached hereto, marked ‘Exhibit 'C,’ and made a part hereof, the original Being held subject to the inspection of all parties in interest.

“This defendant is now the holder of each of the foregoing notes as original payee therein, and as such claims to be a general creditor of the estate of the deceased with the right to interpose any defense to the claims of the plaintiffs herein which either it or the estate may have. Wherefore, this defendant hereby specifically pleads that the cause of action of the plaintiffs as set out in their complaint is barred by the statute of limitations, for the reason that no action -was commenced to exxforce the lights of said plaintiffs within five years after their cause of action accrued.

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Bluebook (online)
123 S.W.2d 527, 197 Ark. 267, 1938 Ark. LEXIS 396, Counsel Stack Legal Research, https://law.counselstack.com/opinion/the-planters-natl-bk-of-mena-v-townsend-ark-1938.