North Carolina Bank & Trust Co. v. Williams

On or about 15 July, 1926, the Bank of Duplin, doing-business in the town of Wallace, N. C., took over all the assets of the Bank of Rose Hill, of Rose Hill, N. C., and agreed with the Bank of Eose Hill that it would liquidate said assets, and pay off and fully discharge all its debts and liabilities. As an inducement to this agreement, and as a consideration for the same, the Bank of Eose Hill delivered to the Bank of Duplin a bond in the penal sum of $30,000, payable to the Bank of Duplin. The purpose of this bond, as appears from the recitals therein, was to indemnify the Bank of Duplin…