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FIRST NAT. BANK OF FORT SMITH v. MERCANTILE BANK OF JONESBORO

No. 89-299.

801 S.W.2d 38 (1990)

304 Ark. 196

FIRST NATIONAL BANK OF FORT SMITH, Appellant, v. MERCANTILE BANK OF JONESBORO et al., Appellees.

Supreme Court of Arkansas.

December 17, 1990.

Attorney(s) appearing for the Case

Elizabeth J. Robbin, Little Rock, for appellant.

Byron Freeland, Little Rock, for appellees.

CAROLYN B. WITHERSPOON, Special Justice.

This appeal concerns the certification of a class action.

In June 1983, the City of Fort Smith issued Industrial Revenue Bonds in the amount of $5.9 million. The proceeds of the bonds were loaned to Arkansas Cold Storage, Inc. (Storage) for the purpose of financing the acquisition and expansion of an existing storage and public commodity warehouse facility in Fort Smith. After Storage defaulted, the appellant, First...

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