Wasson v. State ex rel. Jackson

• Decision Date: 05 June 1933
• Docket Number: 4-3104
• Parties: WASSON v. STATE EX REL. JACKSON
• Court: Arkansas Supreme Court

60 S.W.2d 1020

187 Ark. 537

WASSON v. STATE EX REL. JACKSON

4-3104

Supreme Court of Arkansas

June 5, 1933

Appeal from Pulaski Chancery Court; Frank H. Dodge, Chancellor affirmed.

Decree affirmed.

Sam Rorex and Leon B. Catlett, for appellant.

J. M Jackson, Lake, Lake & Carlton, Abe Collins, E. K. Edwards and B. E. Isbell, for appellee.

J. H Black, George M. Gibson and Walter L. Pope, amici curiae.

OPINION

HUMPHREYS, J.

This is an appeal from a final order or judgment of the chancery court of Pulaski County, requiring appellant, State Bank Commissioner, to pay appellee, Sevier County, an unpaid balance due it of $ 16,268.39 on a judgment it recovered against appellant for $ 33,649.69 as a preferred claim on June 21, 1932, which was affirmed on appeal by this court on December 5, 1932.

At the time of the rendition of said judgment and the affirmance thereof, all claims which might have been filed in the insolvency proceeding against the American Exchange Trust Company, the assets of which were being administered by appellant Bank Commissioner, had been filed, and most of them allowed as general or preferred claims.

When the American Exchange Trust Company closed its doors, there was sufficient cash in the bank which was received by appellant to pay all preferred claims, including appellee's claim. The time for filing claims against said bank had then expired under the provisions of § 54, act 113, of the Acts of 1913, as amended by § 5, act 627, of the Acts of 1923, which is as follows:

"No claim shall be allowed unless proof has been presented to the commissioner within one year from date on which commissioner takes over the assets of the liquidated bank."

The only defense interposed to the payment of the balance due Sevier County on its preferred judgment claim is act 277 of the Acts of 1933, which, omitting formal parts, is as follows:

"Section 1. In all cases where banks in the State of Arkansas are being liquidated by the Bank Commissioner and the one year given by § 54 of act 133 of the Acts of 1913, as amended by act 627 of the Acts of 1923, for presenting claims to the commissioner has expired, the time for filing claims with said Commissioner is hereby extended to all persons having claims of any character until July 1, 1933, unless the liquidation of such banks should be closed before said date provided that no claims can be presented after the liquidation of such bank...