Fant v. Bank of Manning

The opinion of the Court was delivered by

Mr. Associate Justice Fishburne:

When the Bank of Manning became insolvent, in December, 1926, it was indebted to the Murchison National Bank, of Wilmington, North Carolina, in the sum of approximately $65,000.00. The notes evidencing this indebtedness were secured by a pledge of collateral securities, including bills receivable, assigned to the Murchison National Bank under a written agreement which provided, among other things: “ * * * that upon the non-payment of this obligation said Bank or the holder thereof, may sell the same at public or private…