But let all be conceded that is claimed by the counsel for the appellants, and the argument amounts to this: the bank had safe and sufficient personal security for Pel-ham’s debt, but her officers unwisely and by mistake, or in disregard of the duties imposed on them by law, surrendered the personal security, and took Pelham’s individual bond for the debt, with Magruder’s mortgage upon property not worth half the amount of the debt, therefore the mortgage is null and void, and the bank must lose the only security which she now has— in other words, that by an improvident arrangement of her officers, she has lost part of her debt, and therefore she must lose it all!

Magruder v. State Bank, 18 Ark. 9 (Arkansas, July 1, 1856)

Times reported as typo: 0