(DOWNLOAD) "Bosnick v. State" by Supreme Court of Arkansas # Book PDF Kindle ePub Free
eBook details
- Title: Bosnick v. State
- Author : Supreme Court of Arkansas
- Release Date : January 01, 1970
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 55 KB
Description
The summary judgment appealed from in this case was rendered in a suit by appellee against appellant seeking a declaration of appellees rights and appellants liability for a $9,000 balance remaining unpaid on a $25,000 loan. Appellant borrowed the money to pay for stock in Investors Thrift Corporation (hereinafter referred to as ITC), and used it for that purpose. The proceeds of the sale of stock by ITC were to be used in the purchase of stock of American Home Builders, Inc., (hereinafter called AHB), which in turn owned the controlling stock in Peoples Loan and Investment Company (hereinafter called PLI) and other corporations. Appellant pledged 100,000 shares of the capital stock of ITC as sole security for the loan. It was made on October 29, 1965, and was payable in installments of $5,000 in June 1966, $10,000 in June 1967 and $10,000 in June 1968. Appellant filed an answer and counterclaim alleging that a vice-president of appellee had worked out a fraudulent scheme whereby appellant, with others, would purchase the stock of AHB, one-third of which was owned by the vice-president, with funds borrowed from appellee. He alleged that appellee knew, or should have known, that it was participating in a scheme