McIver v. Young Hardware Co.
Supreme Court of North Carolina
Civil actioN, beard by Justice, J., at November Term, 1906, Superior Court of Moore County. . The Sanford Hardware Company is a corporation chartered by this State in June, 1900, with an authorized capital of $4,500, of which $3,000 has been paid in, and had its place of business at Sanford, N. C. The Young Hardware Company was also chartered by this State and had its place of business at Raleigh, N. O., both having been engaged in the hardware business.
Read the full summary
Civil actioN, beard by Justice, J., at November Term, 1906, Superior Court of Moore County. . The Sanford Hardware Company is a corporation chartered by this State in June, 1900, with an authorized capital of $4,500, of which $3,000 has been paid in, and had its place of business at Sanford, N. C. The Young Hardware Company was also chartered by this State and had its place of business at Raleigh, N. O., both having been engaged in the hardware business. The Sanford .corporation became insolvent, and, in a judgment-creditor’s suit against it to subject its assets to the payment of its debts…
1Opinion of the Court
Walker, J.,
after stating the case: If we should concede that the transaction by which the transfer of the property of the Sanford Hardware Company to the Young Hardware Company was effected by Bynum, Clark and Terry was valid as a corporate act and sufficient to pass the title to the latter company, as against creditors of the former company, unless there is some other objection to the transfer, we think it is so lacking in the essential elements of a tona fide sale that, however regularly and formally those who were, at the time, stockholders and officers of the Sanford Plardware Company…
2Cases cited28 opinions
- Central Railroad & Banking Co. of Ga. v. PettusSupreme Court of the United States · 1885
- Hollins v. Brierfield Coal & Iron Co.Supreme Court of the United States · 1893
- Sawyer v. HoagSupreme Court of the United States · 1873
- Handley v. StutzSupreme Court of the United States · 1891
- Railroad Co. v. HowardSupreme Court of the United States · 1869
23 more not listed; retrieve them via the Exa API.
3Cited by47 opinions
- Luedecke v. Des Moines Cabinet Co.Supreme Court of Iowa · 1908
- Norman Owen Trucking, Inc. v. MorkoskiCourt of Appeals of North Carolina · 1998
- Wynn v. GrantSupreme Court of North Carolina · 1914
- Underwood v. StaffordSupreme Court of North Carolina · 1967
- Wynn v. . GrantSupreme Court of North Carolina · 1914
42 more not listed; retrieve them via the Exa API.