North Carolina Ex Rel. Taylor v. Carolina Racing Ass'n

Tbis Court has held: first, a purported contract imposes no binding obligations if its validity is dependent upon tbe provisions of an unconstitutional statute; and second, tbe provision of Art. I, Sec. 10, of tbe Federal Constitution, protecting tbe obligations of contracts against state action, is directed only against impairment by legislation and not by judgments of courts. Summrell v. Racing Asso., 240 N.C. 614, 83 S.E. 2d 501; Racing Asso. v. Cahoon, et al., 214 F. 2d 830, and cases cited.

Tbe constitutionality of G.S. 19-1 et seq., has been tested and upheld as a valid exercise of…