Reports of Cases Argued and Determined in the Supreme Court of Tennessee Volume 120

Reports of Cases Argued and Determined in the Supreme Court of Tennessee Volume 120

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1909 edition. Excerpt: ...and Slemons' claim. It is admitted by learned counsel that ordinarily the payment of the claim of a litigant will end the litigation; but it is said that Nolen and Slemons were designated by the complainants to represent a class, and they are waging a contest in this court on behalf of those creditors as well as themselves, and especially to see that the penalty of the $10,000 bond is prorated to all the creditors, instead of being appropriated cxclusively to the payment of the claims of the county and city. It is further said that no interest was awarded to the creditors represented by Nolen and Slemons, and they are insisting that the guaranty company should be charged with interest at the rate of six per cent. per annum on the amount of the two bonds, to wit, $15,000, which would make $900 per annum for 6% years, which would create a fund of about $6,000 additional to be prorated among these creditors. It is said that if the motion of the guaranty company _ to dismiss the appeal of Nolen and Slemons is allowed, the claims of other creditors represented by them will be defeated, except the payment of seven cents on the dollar allowed by the chancellor in the court below. An able argument has been submitted by counsel for Nolen and Slemons in opposition to the motion of the guaranty company to dismiss the appeal of the former. It is insisted that this case is analogous in principle to those cases in which there are numerous parties constituting a class, and the rights of all are sought to be determined by making' a few defendants to represent all. 1 Daniell's Chancery Practice (5th Ed.), 759 ('794), is cited, wherein it is said: "After a decree has been made of such kind that other persons besides the parties on record...show more

Product details

  • Paperback | 194 pages
  • 189 x 246 x 10mm | 354g
  • Rarebooksclub.com
  • United States
  • English
  • black & white illustrations
  • 1236939670
  • 9781236939678