Bank of Greensboro v. . Clapp
Supreme Court of North Carolina
Contract of Sale — Vendee’s Interest Therein — Trustee — Misapplication of Trust Fund — Liability of One Who Participates. Civil ActioN, tried at Fall Term, 1876, of Guilfokd Superior Court, before Kerr, J. The plaintiffs alleged that theretofore the firm of Shields- & Co. owned certain premises (mentioned in the complaint,) and were conducting a licensed distillery thereon.
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Contract of Sale — Vendee’s Interest Therein — Trustee — Misapplication of Trust Fund — Liability of One Who Participates. Civil ActioN, tried at Fall Term, 1876, of Guilfokd Superior Court, before Kerr, J. The plaintiffs alleged that theretofore the firm of Shields- & Co. owned certain premises (mentioned in the complaint,) and were conducting a licensed distillery thereon. They became indebted to the government for taxes and said premises were sold at public auction for cash on the 27th of May, 1871, when the defendant Owen became the purchaser in the sum of $2700. In order to raise the…
1Opinion of the CourtPeaRSON, C. J.
On the argument, the counsel properly conceded that as both sides claim under Owen and as the Collector of Internal Revenue had ratified the transaction and had passed the legal title, neither side could call in question the validity of Owen’s bid.
1. Taking Owen's bid to be valid, the first question is in regard to the character of the instrument executed by Owen to plaintiff on the 1st June, 1871. Every feature in the face of that instrument shows it to be a mortgage. It is a present conveyance of an estate, to be void on repayment of money lent. In other words it is a conveyance of an…
2Cited by13 opinions
- Allen v. Puritan Trust Co.Massachusetts Supreme Judicial Court · 1912
- Kelly Springfield Tire Co. v. LesterSupreme Court of North Carolina · 1925
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- Carroll County Bank v. RhodesSupreme Court of Arkansas · 1900
- Rock Springs National Bank v. LumanWyoming Supreme Court · 1895
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