ARK.] WASSON V. EVANS. 823 -4! WASSON -V. EVANS: . 4-3060 'Opinion delivered July 3; 1933.J,. . .. • , BANKS AND BANKiNc iNSOLvENCY—BAR. OF PKEFkaoRED' • Alice by the Bank Coininis g ionef nf a elaim of a -denositOr • ' common elaith is tantamOunt to its disallowani6 as a preferied •.claim i 'so that-an action to establish it must •have been brought within six months afier such disallowance. . . , Appeal front' Independence ,. Chancery Court; A. S. Irby, Chancellor ; re-Versed.' ' - J. Paul Ward, for appellant Coleman & Reeder, for appellee. MCHANEY, J. On October 30 and 31, 1936, appellee deposited the proceeds ,of . certain insurance policies on the life of her husband' in the North -ArkansaS Bank at Batesville, either for Collection and remittance, as contended by her, or as a general deposit. Said bank was found to be insolvent, and was taken over for liquidation by the State Bank Commissioner . on i\Toveniber 15, 1930. On or about February -27, 1931,' appellee. filed:her claim 'as a common. creditOr of 'the bank; and'samb. -Was allowed. , On Oeteber . 28, 1982, She filed' this . action' to haVe her _claim classified . and , ..allOWed as . a: priOr 'or preferred . one. The Bank Commissioner interposed , the .plea,....among • others, that :the claim for .preference was .barred. by the • statute of limitation§ .§ 5; act 627, , of the . Acts- of 1923,' which is as f011OWs " gi claim shall be allowed Unless proof thereof has been presented to the pormnissioner within one year . fronirdate On Which OonimissiOner takes over the assets of .the liquidated bank, * If the ,Commissioner doubts the. justice-or the validity of any.claim, he may reject the same : and . serve notice of such rejection upon the clainiant either by depositing the same . in the mail or personally. * * * An action upon à- claim so rejedted nanst be brought' -within six months after such nolice." The trial court allowed the claim as a preferred one, and the Bank Commissioner has appealed: . We agree ' With appellant that the statute constitutes - a bar, to the reclassification- of the . claim. The-allow-
ance of the claim on February 27, 1931, as • a common one was tantamount to its disallowance as a preferred one. Appellee was advised by the Bank Commissioner that he could not allow it as a prior or preferred claim. Clearly she was required under the above statute to bring her action to establish it within six months from its dis-allowance. She did not do so, but waited for more than a year after the six months had expired to file her action thereon. Reversed and remanded with directions to dismiss the action on the claim for preference. KIRBY, J., dissents.
You are being directed to the most recent version of the statute which may not be the version considered at the time of the judgment.