Loan Association v. . Merritt
Supreme Court of North Carolina
Civil ACTION, tried before Whitaker, J., at December Term, 1892, of SajipsoN Superior Court. The action was brought by W. A. I)unn, receiver of the Clinton Loan Association, to foreclose a mortgage made by-defendant Merritt to A. S. C. Powell to secure three sealed notes which Powell had, without indorsement, deposited with the association as collateral security for his two unpaid notes.
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Civil ACTION, tried before Whitaker, J., at December Term, 1892, of SajipsoN Superior Court. The action was brought by W. A. I)unn, receiver of the Clinton Loan Association, to foreclose a mortgage made by-defendant Merritt to A. S. C. Powell to secure three sealed notes which Powell had, without indorsement, deposited with the association as collateral security for his two unpaid notes. The mortgaged land was subsequently conveyed to the defendants J. A. Ferrell and T. M. Ferrell, who, by giving Powell, the mortgagee, credit on an old account, paid him the amount of the secured bonds, Powell…
1Opinion of the Court
Shepherd, C. J.:
The defendant Merritt executed to A. H. C. Powell the bonds and mortgage described in the pleadings, and shortly thereafter the said Powell assigned the bonds, without indorsement, to the plaintiff'. The plaintiff took them subject to any equities or other defences existing at the time of or before ’notice of the assignment (Spence v. Tapscott, 93 N. C., 246; The Code §177), and, therefore, if, after such assignment and before such notice, the mortgagor or the defendants J. A. and T. M. Ferrell (who had purchased the equity of redemption) made a payment to Powell of five…
2Cases cited4 opinions
- Reeves v. HayesIndiana Supreme Court · 1884
- Kellogg v. . SmithNew York Court of Appeals · 1862
- Bryan v. . HodgesSupreme Court of North Carolina · 1890
- Spence v. . TapscottSupreme Court of North Carolina · 1885
3Cited by5 opinions
- State v. McDanielSupreme Court of South Carolina · 1904
- Perkins v. LangdonSupreme Court of North Carolina · 1953
- Wynn v. GrantSupreme Court of North Carolina · 1914
- Wynn v. . GrantSupreme Court of North Carolina · 1914
- William Iselin & Co. v. SaundersSupreme Court of North Carolina · 1950