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FIRST AMER. NAT. BANK v. CHRISTIAN FOUND. LIFE INS. CO.

No. 5-4168.

420 S.W.2d 912 (1967)

242 Ark. 177

FIRST AMERICAN NATIONAL BANK, Appellant, v. CHRISTIAN FOUNDATION LIFE INSURANCE COMPANY et al., Appellees.

Supreme Court of Arkansas.

May 29, 1967.

Attorney(s) appearing for the Case

Spitzberg, Bonner, Mitchell & Hays, Little Rock, for appellant.

Shaw & Shaw, Mena, Wright, Lindsey & Jennings by George E. Lusk, Jr., and Pope, Prat, Shamburger, Buffalo & Ross, by Joseph L. Buffalo, Jr., Little Rock, for appellees.

GEORGE ROSE SMITH, Justice.

This is a suit brought by one of the appellees, Christian Foundation Life Insurance Company, for a declaratory judgment with respect to the validity of certain duplicate bearer bonds ostensibly issued by the First Methodist Church of Mena. That duplicate bonds were outstanding was due to the fraud of the late Lawrence Hayes, former president of Institutional Finance Company, which handled the bond issue as fiscal agent for the church. Parties...

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