Southern National Bank v. Germania Manufacturing Co.
Supreme Court of North Carolina
ActioN tried at chambers, before Lyon, J., at April Term, 1918, of New Hanovek, upon complaint and demurrer interposed by defendant Trust Company. No answer or demurrer was filed by the Germania Manufacturing Company. The judge overruled the demurrer and, no application being made for time to answer,, appointed a receiver and entered a decree of foreclosure. Defendant appealed.
1Opinion of the CourtBkown, J.
The relief sought is for the appointment of a receiver and foreclosure of a deed of trust made by defendant Germania Manufacturing Company to Atlantic Trust and Banking Company to secure an issue of bonds of $50,000.
The grounds for the appointment of a receiver are:
1. Insolvency of the company.
2. Had ceased to do business for a term of years and had closed down permanently.
3. That the mortgaged property was greatly inadequate to pay the debt and constantly depreciating.
The court found these facts to be true, appointed a receiver, and directed a foreclosure by the receiver as a commissioner.
The…
2Cases cited3 opinions
- Guaranty Trust and Safe Deposit Co. v. Green Cove Springs and Melrose RailroadSupreme Court of the United States · 1891
- Jones v. . WilliamsSupreme Court of North Carolina · 1911
- McLarty v. . UrquhartSupreme Court of North Carolina · 1910
3Cited by6 opinions
- Home Mortg. Co. v. RamseyCourt of Appeals for the Fourth Circuit · 1931
- Union Trust Co. v. WilsonSupreme Court of North Carolina · 1921
- Jones v. Atlantic & Western RailroadSupreme Court of North Carolina · 1927
- Dietzel v. AngerCalifornia Supreme Court · 1937
- Stout v. Grain Dealers Mutual Insurance CompanyDistrict Court, M.D. North Carolina · 1962
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