Cone v. . Fruit Growers' Association
Supreme Court of North Carolina
Civil aotioN tried before Shaw, J., and a jury, at January Term, 1916, Of WlLKES. Tbe action was to recover for misappropriation of moneys, proceeds of sale of an amount of apples assigned by plaintiff to defendant corporation, to be sold and proceeds properly accounted for, etc., and in which the president of the company, the general manager and treasurer, and three directors were joined as individual defendants and charged with being participants in 'the alleged wrong.
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Civil aotioN tried before Shaw, J., and a jury, at January Term, 1916, Of WlLKES. Tbe action was to recover for misappropriation of moneys, proceeds of sale of an amount of apples assigned by plaintiff to defendant corporation, to be sold and proceeds properly accounted for, etc., and in which the president of the company, the general manager and treasurer, and three directors were joined as individual defendants and charged with being participants in 'the alleged wrong. At the close of the evidence, on motion made in apt time, there was judgment of nonsuit as to the individual defendants,…
1Opinion of the Court
Hoke, J.,
after stating the case: It is held in this State that when goods are consigned to a factor or commission merchant to be sold and properly accounted for, the proceeds may be regarded as a trust fund, to be pursued and recovered by appropriate action. Such cases, Lance v. Butler, 135 N. C., 419; Hoffman v. Kramer, 123 N. C., 566. The position extends to consignments of this character to corporations; and, in application of the principle, it is further held that when the proceeds of such a sale have been intentionally misapplied, the officers in control of the fund who have knowingly…
2Cases cited7 opinions
- Solomon v. . BatesSupreme Court of North Carolina · 1896
- Bennett v. PrestonIndiana Supreme Court · 1861
- Lance v. Butler.Supreme Court of North Carolina · 1904
- Virginia-Carolina Chemical Co. v. FloydSupreme Court of North Carolina · 1912
- Alpha Mills v. Watertown Steam Engine Co.Supreme Court of North Carolina · 1895
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- Air Traffic Conference of America v. Marina Travel, Inc.Court of Appeals of North Carolina · 1984
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