First National Bank of Oxford v. King
Supreme Court of North Carolina
Appeal by defendants from Connor, J., at August Term, 1913, Of GrRANVILLE. Civil action, tried upon these issues: 1. Did the defendants execute the note, as alleged, and make the payments down to April, 190Y, as alleged? Answer: Yes. 2. Did the plaintiff sell the stock for $1,500, and apply the proceeds thereof on the note, as alleged in the pleadings, on 25 February, 1913? Answer: Yes. 3. Is the plaintiff’s cause of action barred by the statute of limitations? Answer: No.…
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Appeal by defendants from Connor, J., at August Term, 1913, Of GrRANVILLE. Civil action, tried upon these issues: 1. Did the defendants execute the note, as alleged, and make the payments down to April, 190Y, as alleged? Answer: Yes. 2. Did the plaintiff sell the stock for $1,500, and apply the proceeds thereof on the note, as alleged in the pleadings, on 25 February, 1913? Answer: Yes. 3. Is the plaintiff’s cause of action barred by the statute of limitations? Answer: No. 4. Are the defendants .indebted to the plaintiffs, as alleged; if so, in what sum? Answer: $1,036.36, with interest on…
1Opinion of the CourtBrown, J.
The part of the charge excepted to is as,follows: “Inasmuch as the note contains a provision authorizing the plaintiff bank, its president or cashier, to sell the stock mentioned in the note of 18 July, 1906, and apply the proceeds of such sale to the note, the court holds and charges you that in making the sale of the twenty shares of stock of the King Buggy Company, mentioned in the note sued on, to E. H. Crenshaw, on 25 February, 1913, W. H. Hunt, cashier of plaintiff bank, was acting as the agent of defendants, and the application of the proceeds of such sale on said date by plaintiff…
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