Charles A. Riley Co. v. W. T. Sears & Co.
Supreme Court of North Carolina
Appeal from Whedbee, I., at October Term, 1910, of New HaNOVEB. Civil action, beard on exceptions to report of referee. Tbe action was instituted by plaintiff against defendant corporation in bebalf of bimself and all other creditors, on tbe ground of insolvency, alleging that plaintiff’s debt was about $27,000 and a valid lien upon a portion of tbe assets of defendant company.
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Appeal from Whedbee, I., at October Term, 1910, of New HaNOVEB. Civil action, beard on exceptions to report of referee. Tbe action was instituted by plaintiff against defendant corporation in bebalf of bimself and all other creditors, on tbe ground of insolvency, alleging that plaintiff’s debt was about $27,000 and a valid lien upon a portion of tbe assets of defendant company. A receiver was duly appointed, and tbe bulk of defendant’s assets or a large amount of same have been collected by said receiver and are held subject to tbe orders of tbe court made in tbe cause. Pending tbe suit, John…
1Opinion
The Court having held, on the appeal by the receiver in this cause, that the transaction between the claimant, John A. Arringdale, and defendant corporation was simply that of a loan of money, on usurious interest, it follows that the appellant's position, that on the facts said Arringdale was a partner, is necessarily disallowed, and the claim of said petitioner, having been declared void in toto because based upon a usurious consideration, the question raised by appellant as to the priority of liens between the plaintiff and said Arringdale is no longer of moment. For like reason, it is not…
2Cases cited4 opinions
- Corey v. HookerSupreme Court of North Carolina · 1916
- Elliott v. BradySupreme Court of North Carolina · 1916
- Elks v. . HembySupreme Court of North Carolina · 1912
- Rayburn v. Casualty Co.Supreme Court of North Carolina · 1906