First National Bank of Oxford v. King
Supreme Court of North Carolina
Appeal by defendants from Connor, J., at August Term, 1913, Of GrRANVILLE. Civil action, tried upon these issues: 1. Did the defendants execute the note, as alleged, and make the payments down to April, 190Y, as alleged? Answer: Yes. 2. Did the plaintiff sell the stock for $1,500, and apply the proceeds thereof on the note, as alleged in the pleadings, on 25 February, 1913? Answer: Yes. 3. Is the plaintiff’s cause of action barred by the statute of limitations? Answer: No.…
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Appeal by defendants from Connor, J., at August Term, 1913, Of GrRANVILLE. Civil action, tried upon these issues: 1. Did the defendants execute the note, as alleged, and make the payments down to April, 190Y, as alleged? Answer: Yes. 2. Did the plaintiff sell the stock for $1,500, and apply the proceeds thereof on the note, as alleged in the pleadings, on 25 February, 1913? Answer: Yes. 3. Is the plaintiff’s cause of action barred by the statute of limitations? Answer: No. 4. Are the defendants .indebted to the plaintiffs, as alleged; if so, in what sum? Answer: $1,036.36, with interest on…
1DissentClark, C. J.
“No acknowledgment or promise shall be received as evidence of a" new or continuing contract from which tbe statutes of limitations shall run unless tbe same be contained in some writing signed by tbe party to be charged thereby; but this section shall not alter tbe effect of any payment of principal or interest.” It is evident from this that such payment shall be made under circumstances which shall be equivalent to a new promise in writing, i. e., it must be a. voluntary payment by a party who at tbe time is free to make bis election and who by tbe payment intends to expressly recognize tbe…
2Cases cited13 opinions
- Harper v. . FairleyNew York Court of Appeals · 1873
- United States v. WilderSupreme Court of the United States · 1872
- Brooklyn Bank v. . BarnabyNew York Court of Appeals · 1910
- Frecking v. . RollandNew York Court of Appeals · 1873
- Ramsay v. WarnerMassachusetts Supreme Judicial Court · 1867
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