First National Bank v. Sauls
Supreme Court of North Carolina
Appeal by plaintiff from Crammer, J., upon a controversy submitted upon facts agreed at February Term, 1922, of ObaveN. The defendant J. L. Sauls, on 8 September, 1919, executed to Sauls & Lamb his notes for $6,000, secured by mortgage upon a tract of land in Graven County, which was duly registered 10 September, 1919, and thereafter, on 18 November, 1919, the mortgagees obtained a loan of $4,000 from the plaintiff First National Bank of Kinston to which they delivered the…
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Appeal by plaintiff from Crammer, J., upon a controversy submitted upon facts agreed at February Term, 1922, of ObaveN. The defendant J. L. Sauls, on 8 September, 1919, executed to Sauls & Lamb his notes for $6,000, secured by mortgage upon a tract of land in Graven County, which was duly registered 10 September, 1919, and thereafter, on 18 November, 1919, the mortgagees obtained a loan of $4,000 from the plaintiff First National Bank of Kinston to which they delivered the mortgage notes aforesaid as collateral security, and left with the bank, without an assignment thereof, the mortgage…
1Opinion of the CourtClark, C. J.
Upon tbe facts agreed there was no assignment of tbe mortgage of J. L. Sauls to Sauls & Lamb to tbe plaintiff First National Bank of Kinston, but tbe said mortgage was merely left by them witb tbe cashier of tbe bank. Therefore tbe legal title of tbe land described in tbis mortgage was never divested from tbe mortgagees, Sauls & Lamb. Williams v. Teachey, 85 N. C., 402. And under C. S., 2594 (1), tbe mortgagees, Sauls & Lamb, still bolding tbe legal title, were alone authorized to cancel tbe mortgage.
Tbe First National Bank of Kinston, witb whom Sauls & Lamb left tbe notes wbicb they beld as…
2Cases cited7 opinions
- Jones v. . WilliamsSupreme Court of North Carolina · 1911
- Williams v. . TeacheySupreme Court of North Carolina · 1881
- Smith v. . FullerSupreme Court of North Carolina · 1910
- Hayes v. PaceSupreme Court of North Carolina · 1913
- Weil v. DavisSupreme Court of North Carolina · 1915
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