Smith v. Morgan

MARTIN, (Robert M.), Judge.

The sole question presented by this appeal is whether the defendant can be held personally liable on a note that he executed as president of a corporation which had not yet been formed, but which was subsequently incorporated and which made payments on the note until default.

First we note that we must apply the law of the State of Georgia in determining this question, as the note was executed in Georgia and was payable in Georgia. Bank v. Appleyard, 238 N.C. 145, 77 S.E. 2d 783 (1953); Hatcher v. McMorine, 15 N.C. 122 (1833). Contrary to the North Carolina rule, the…