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PEOPLES BANK AND TRUST CO. v. WALLACE

No. 86-147.

721 S.W.2d 659 (1986)

290 Ark. 589

PEOPLES BANK AND TRUST COMPANY OF VAN BUREN, Appellant, v. Claude WALLACE, Appellee.

Supreme Court of Arkansas.

December 22, 1986.

Attorney(s) appearing for the Case

Gant & Gant by Paul Gant, Van Buren, Friday, Eldredge & Clark by George Pike, Jr. and William A. Waddell, Jr., Little Rock, for appellant.

Joel W. Price, Fort Smith, for appellee.

DUDLEY, Justice.

Appellee Claude Wallace agreed to purchase 20,000 shares of stock in Arkansas Reference Laboratories, Inc. for $50,000.00. In performance of his agreement appellee drew a $50,000.00 check on his account with appellant, Peoples Bank and Trust Company of Van Buren, made payable to "Arkansas Reference Lab." The president of Arkansas Reference Laboratory endorsed the check "Deposit Only— North Little Rock Medical Laboratory" and deposited the money...

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