Merchants National Bank v. Flippen
Supreme Court of North Carolina
Appeal from Webb, J., at February Term, 1912, of Wake. Motion in the above cause. His Honor rendered judgment as set out in the record, and the defendant Snow, receiver, appealed. The facts are stated in the- opinion of the Court.
1Opinion of the CourtBbown, J.
The Pilot Bank and Trust Company failed in business, and defendant Snow was appointed receiver to settle up its affairs. At date of receivership the insolvent corporation owed the Merchants National Bank of Ealeigh, N. C., $4,227.51. That bank held certain notes as collateral, among others, that of the defendant Flippen. From this collateral the said bank had received certain sums since the date of the receivership.
The sole question presented is: Whether in cases of this nature distribution by the receiver should be on the basis of the entire indebtedness originally, i. e., $4,227.51, or on…
2Cases cited15 opinions
- Merrill v. National Bank of JacksonvilleSupreme Court of the United States · 1899
- People v. E. Remington & SonsNew York Court of Appeals · 1890
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- West v. Bank of RutlandSupreme Court of Vermont · 1847
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