[Download] "Stallworth v. Sanford" by In the Supreme Court of Mississippi # Book PDF Kindle ePub Free
eBook details
- Title: Stallworth v. Sanford
- Author : In the Supreme Court of Mississippi
- Release Date : January 16, 2006
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 57 KB
Description
Banks and Banking — Insolvency — Action to Establish Preferred Claim — Commercial Paper Sent for Collection — Trust Fund — Principal and Agent — Attorney and Client — Time for Bringing Action — When Action Barred — Action Against Superintendent of Banks Proper — Foreign Corporations — "Doing Business" in State — Failure to Qualify — Right to Maintain Action on Contract. Banks and Banking — Insolvency — Preference Claim — County Warrants Sent to Bank for Collection — Relationship That of Principal and Agent — Trusts. 1. Where county warrants were forwarded by a foreign corporation to a state bank with instruction to make collection and remit to the sender, the relation of principal and agent, and not that of creditor and debtor, was created between the parties; the funds collected by the bank and mingled with its own were trust funds which could be followed and recovered by the corporation upon the bank closing its doors. Principal and Agent — Notice to Agent is Notice to Principal. 2. The general rule is that notice to the agent in matters within the scope of his business is notice to his principal. Attorney and Client — Relationship That of Principal and Agent — Notice to Attorney is Notice to Client. 3. The relation of attorney and client is one of agency, and in its general features is governed by the same rules which apply to other agencies; hence notice to an attorney is notice to the client employing him. Banks and Banking — Insolvency — Trust Funds — Time Within Which Action to be Commenced — Case at Bar. 4. Under Chapter 89, section 132, Laws of 1927, one dissatisfied with the action of the superintendent of banks acting as liquidating officer of an insolvent bank in rejecting his alleged preferred claim against the bank must bring action within ninety days after service of notice of such rejection. Notice was mailed to the attorneys of claimant; action was not begun until the expiration of 115 days after acknowledgment of the notice by the attorneys. Held, that notice to his attorneys was notice to claimant, and that the action not having been begun until after the expiration of the ninety-day period, it could not be maintained. Page 270 Same — Claim of Preference — When Claim to be Allowed as General One. 5. One whose claim against an insolvent bank was rejected by the liquidating officer as a preferred one was nevertheless entitled, under the facts, to have it allowed as a general claim, even though he failed to file it as a general one as instructed by that officer. Same — Action to Establish Claim as Preferred — Action Against Superintendent of Banks Proper. 6. An action to recover on a preferred claim against an insolvent bank may, under Chapter 89, sections 124 and 127, Laws of 1927, be brought against the superintendent of banks, as against the contention that it must be brought against the bank. Foreign Corporations — "Doing Business" in State — Failure to Qualify — When not Bar to Action on Contract. 7. A foreign tractor company which had never complied with the laws of the state relative to foreign corporations doing business therein, was not for that reason disqualified from maintaining an action on contract in the state courts, where its business was transacted through dealers within the state handling its tractors.