Loan Association v. . Ferrell
Supreme Court of North Carolina
Civil actiox, tried at February Term, 1894, of Sampson Superior Court, before Brown, J., and a juiy. The notes sued on were all in this form, or substantially so: “CLINTON, N. C.,_, 187__. “Ninety days after date we promise to paj' A. F. Johnson, Cashier, at the office of the Clinton Loan Association, _, with interest at eight por cent, per annum from and ■ after 'date of maturity, for loaned money.”
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Civil actiox, tried at February Term, 1894, of Sampson Superior Court, before Brown, J., and a juiy. The notes sued on were all in this form, or substantially so: “CLINTON, N. C.,_, 187__. “Ninety days after date we promise to paj' A. F. Johnson, Cashier, at the office of the Clinton Loan Association, _, with interest at eight por cent, per annum from and ■ after 'date of maturity, for loaned money.” It was admitted that the Clinton Loan Association (joint stock company) was a partnership; that both'the defendants, at the time,of the execution of the notes, were stockholders therein, and that…
1Opinion of the Court
Burwull, J.:
The contracts which the plaintiff' receiver seeks to enforce in this action were made by the defendants with the partnership of which they were members, and related solely to a partnership matter.and affected the partnership assets. They contracted that they would be sureties to the firm for the repayment of money loaned by the firm to certain persons. While the partnership continued no suit could be brought by the firm against the defendants, for in such a suit the appellants would necessarily have been both plaintiffs and defendants. Because no suit would lie, the partnership…
2Cases cited5 opinions
- Bull v. CoeCalifornia Supreme Court · 1888
- Carpenter v. GreenopMichigan Supreme Court · 1889
- Bates v. LaneMichigan Supreme Court · 1886
- Brown v. MatthausSupreme Court of Minnesota · 1869
- Stettheimer v. . ToneNew York Court of Appeals · 1889
3Cited by1 opinion
- Pugh v. . NewbernSupreme Court of North Carolina · 1927