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YOUNG v. CLAYTON

No. 5-228.

264 S.W.2d 41 (1954)

YOUNG v. CLAYTON, State Treasurer, et al.

Supreme Court of Arkansas.

Rehearing Denied February 22, 1954.

Attorney(s) appearing for the Case

Edward E. Stacker and Cooper Jacoway, Little Rock, for appellant.

Tom Gentry, Atty. Gen., Roy Finch, Jr., Little Rock, for appellees.

GEORGE ROSE SMITH, Justice.

This is a representative suit brought by the appellant against the State Treasurer and the State Auditor. The plaintiff is the owner of refunding bonds issued under Act 4 of 1941, Ark.Stats.1947, Appendix to Title 13, p. 773, and sues on behalf of all the bondholders. The theory of the complaint is that Act 4 pledged certain highway revenues as security for the payment of the refunding bonds, that this pledge constituted a contract between...

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