State National Bank v. Harris
Supreme Court of North Carolina
Civil action, tried before Connor, Judge, at April Civil Term, 1886, of Wake Superior Court. This action is upon a bond or promissory note under seal, made by the defendant James M. Harris, principal, and the other defendants, his sureties, to John Gatling, one of the plaintiffs, for $400, due December 15, 1881, and deposited at the plaintiff Bank as collateral security for money loaned.
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Civil action, tried before Connor, Judge, at April Civil Term, 1886, of Wake Superior Court. This action is upon a bond or promissory note under seal, made by the defendant James M. Harris, principal, and the other defendants, his sureties, to John Gatling, one of the plaintiffs, for $400, due December 15, 1881, and deposited at the plaintiff Bank as collateral security for money loaned. The suit was commenced on August 1st, 1885, and the defence mainly relied on and brought up in the appeal, is the bar of the statute of limitations, pleaded by the sureties. To rebut this, the plaintiffs…
1Opinion of the Court
Smith, C. J.,
(after stating the facts). The sole question to be determined, is as to the effect of the agreement that the indebtedness incurred by Gatling to his surety upon the latter’s discharge of the execution, should be applied to that in possession of the Bank, and the amount entered thereon as a credit, in removing the statutory defence arising from the lapse of time. Was it equivalent to an actual payment within the meaning of §172 of The Code, which leaves in force the previous law as to the effect of a part payment of a debt? Grenn v. The College, 83 N. C., 449.
The present…
2Cases cited4 opinions
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