Turner v. Atlantic Mortgage & Investment Co.

ARNOLD, Judge.

Defendant contends that the court erred by failing to find that the alleged contract was barred by the statute of frauds, G.S. 25-8-319, because it was a contract for the sale of securities. It argues that the alleged contract was not an employment contract but a contract for the sale of stock. Defendant’s position is that the “commissions” were not earned by plaintiff, nor did they accrue to him, but instead these “commissions” were credits, calculated according to a formula based on fees which plaintiff generated which were intended as the measure of the amount of stock…