Newsom v. . Russell
Supreme Court of North Carolina
Civil Action tried at Spring Term, 1877, of Davidson Superior Court, before Kerr, J. ■ The plaintiff alleged that the defendants executed their promissory notes to Newsom & Co. for $500, and that the same had been assigned to'her for value received, and demanded judgment for the amount.
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Civil Action tried at Spring Term, 1877, of Davidson Superior Court, before Kerr, J. ■ The plaintiff alleged that the defendants executed their promissory notes to Newsom & Co. for $500, and that the same had been assigned to'her for value received, and demanded judgment for the amount. The defendants alleged that she was not the bona fide assignee, nor was she the real party in interest;. and that the assignment was made to defraud the creditors of Newsom & Co., who upon their own petition were declared bankrupts a few days after the alleged assignment; and that one Stewart, their assigneee…
1Opinion of the Court
.Bynum, J.
A voluntary assignment of a promissory .note ■without consideration and for the benefit of the assignor has no legal effect except to constitute an agency to collect, and such assignee not being the real party in interest cannot bring a suit on such note in his own name. Abrams v. Cureton, 74 N. C. 523. The case before us differs essentially from Abrams v. Cureton, because in this, the assignment is for a valuable consideration and is not for the benefit of the assignors. As between the assignors and the plaintiff, both the legal and equitable title passed ; and the money wrhen…
2Cases cited2 opinions
- Abrams v. . CuretonSupreme Court of North Carolina · 1876
- Rohrer v. TurrillSupreme Court of Minnesota · 1860
3Cited by7 opinions
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- Brown v. HardingSupreme Court of North Carolina · 1915
- High Point Casket Co. v. WheelerSupreme Court of North Carolina · 1921
- Brown v. . HardingSupreme Court of North Carolina · 1915
- Brown v. HardingSupreme Court of North Carolina · 1916
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