Commercial & Farmers Bank v. Scotland Neck Bank
Supreme Court of North Carolina
Appeal from Ferguson, J., at August Term, 1911, of Halifax. This case was beard below upon facts agreed, as follows: 1. Both plaintiff and defendant Scotland Neck Bank are, and were at tbe time of tbe acts hereinafter set out, corporations of tbis State, doing a general business. 2. On 1 November, 1904, S. W. Morrisett and J. G. Morri-sett, partners as Moriisett Bros., gave tbeir note to defendant Scotland Neck Bank for $1,500, for borrowed money, and to secure tbe same, S.…
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Appeal from Ferguson, J., at August Term, 1911, of Halifax. This case was beard below upon facts agreed, as follows: 1. Both plaintiff and defendant Scotland Neck Bank are, and were at tbe time of tbe acts hereinafter set out, corporations of tbis State, doing a general business. 2. On 1 November, 1904, S. W. Morrisett and J. G. Morri-sett, partners as Moriisett Bros., gave tbeir note to defendant Scotland Neck Bank for $1,500, for borrowed money, and to secure tbe same, S. ~W. Morrisett. and wife executed to tbe said Scotland Neck Bank a mortgage on real estáte in tbe town of Scotland Neck,…
1Opinion of the Court
Walker, J.,
after stating tbe case: Tbe plaintiff’s claim appeals very strongly to tbe conscience of tbe Court, and we think it is sustained by well-settled principles. Tbe doctrine of subrogation rests upon principles of natural justice and equity, and there are numerous authorities which support tbe rule that one who, at the request of another, advances money to pay off a security or encumbrance, in which tbe latter is interested or to tbe discharge of which be is bound, under tbe agreement that be shall have tbe benefit of tbe creditor’s security, is entitled to be subrogated to tbe rights…
2Cases cited27 opinions
- Wilkins, Neely & Jones v. GibsonSupreme Court of Georgia · 1901
- Fievel v. ZuberTexas Supreme Court · 1887
- Sanford v. McLeanNew York Court of Chancery · 1831
- Gans v. . ThiemeNew York Court of Appeals · 1883
- Norton v. SwitzerSupreme Court of the United States · 1876
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3Cited by6 opinions
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- French v. Grand Beach Co.Michigan Supreme Court · 1927
- Christopher v. DavisCourt of Appeals of Texas · 1926
- Joyner v. . Reflector Co.Supreme Court of North Carolina · 1918
- Everett v. . StationSupreme Court of North Carolina · 1926
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