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LAFAYETTE COUNTY INDUS. DEV. CORP. v. FIRST NAT. BANK

No. 5-4785.

436 S.W.2d 814 (1969)

LAFAYETTE COUNTY INDUSTRIAL DEVELOPMENT CORPORATION, Appellant, v. FIRST NATIONAL BANK OF MAGNOLIA, Appellee.

Supreme Court of Arkansas.

February 10, 1969.

Attorney(s) appearing for the Case

Rose, Meek, House, Barron, Nash & Williamson, Little Rock, for appellant.

Gaughan, Laney, Barnes & Roberts, Camden, and Keith, Clegg & Eckart, Magnolia, for appellee.

JONES, Justice.

Lafayette County Industrial Development Corporation filed suit in the Columbia County Chancery Court against the First National Bank of Magnolia seeking restitution of funds deposited in the bank to the account of Magnolia Steel Corporation, and for a declaration of a constructive trust upon the funds so deposited. The bank challenged the sufficiency of the evidence by motion, amounting to a demurrer, under Ark.Stat.Ann. § 27-1729 (Repl.1962)...

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