Cobb v. . Dibrell, Brothers, Inc.

The Venable Tobacco Company is a corporation doing business in Durham. J. S. Cobb owned 130 shares and his son, the plaintiff J. O. Cobb, owned 100 shares of the capital stock of said corporation. This stock had been hypothecated to secure a loan from the First National Bank of Durham. The bank failed on or about 18 January, 1932. Thereafter, the receiver of said bank, in an effort to liquidate the assets, was desirous of disposing of said stock, and approached the Standard Investment Company of Durham for the purpose of effecting a sale. The defendant Dibrell Brothers is a corporation, doing…