Sedbury v. Duffy
Supreme Court of North Carolina
Appeal from Whedbee, J., at November Term, 1911, of CRAVEN. Civil action to recover the balance due on a note. It appeared that on 3 March, 1909, defendants R. N. Duffy and A. C. Burnett executed their note to D. H. Green for $5,000; that there had been a payment thereon of $1,000 and the remainder, or $4,000, was due at the time of suit brought 5 that some time prior to institution of action D. H. Green sold the note to plaintiff for $3,200 and the purchaser required the…
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Appeal from Whedbee, J., at November Term, 1911, of CRAVEN. Civil action to recover the balance due on a note. It appeared that on 3 March, 1909, defendants R. N. Duffy and A. C. Burnett executed their note to D. H. Green for $5,000; that there had been a payment thereon of $1,000 and the remainder, or $4,000, was due at the time of suit brought 5 that some time prior to institution of action D. H. Green sold the note to plaintiff for $3,200 and the purchaser required the indorsement of the payee, Green, and H. T. Pratt as guarantee of payment. The indorsers having pleaded that as to them…
1Opinion of the Court
Ho:ra>, J.,
after stating the case: It has been repeatedly held, in this State, that while one may buy a note from another, at any price that may be agreed upon, the bargain being free from fraud or unlawful imposition, if the purchaser requires the indorsement of the seller as a guaranty of payment, the transaction, as between the immediáte parties thereto, is in effect a loan, and will be so considered, within the meaning and purport of our laws against usury. Bynum v. Rogers, 49 N. C., 399; Ballinger v. Edwards, 39 N. C., 449; McElwee v. Collins, 20 N. C., 209. In the McElwee case it was…
2Cases cited7 opinions
- National Bank v. JohnsonSupreme Court of the United States · 1881
- Sayers v. WallSupreme Court of Virginia · 1875
- Ballinger v. . EdwardsSupreme Court of North Carolina · 1847
- Bynum v. . RogersSupreme Court of North Carolina · 1857
- Collier v. . NevillSupreme Court of North Carolina · 1831
2 more not listed; retrieve them via the Exa API.
3Cited by4 opinions
- O. A. Graybeal Co. v. CookCalifornia Court of Appeal · 1931
- Western Auto Supply Co. v. VickSupreme Court of North Carolina · 1981
- Pratt v. American Bond & Mortgage Co.Supreme Court of North Carolina · 1928
- Western Auto Supply Co. v. VickSupreme Court of North Carolina · 1981