Norfleet v. Pamlico Insurance & Banking Co.
Supreme Court of North Carolina
Appeal by plaintiff from Garter, Jat June Term, 1912, of Edgecombe. Tbis case was submitted upon a case agreed, tbe material facts of which are as follows: On 5 March, 1905, Leon A. "Williams executed a note to the defendant for $3,000, payable on demand, and in the body of the same he agreed that the proceeds of certain policies of insurance on his life, payable to his estate, which .he had deposited with defendant, as collateral, to secure his said note, should be applied…
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Appeal by plaintiff from Garter, Jat June Term, 1912, of Edgecombe. Tbis case was submitted upon a case agreed, tbe material facts of which are as follows: On 5 March, 1905, Leon A. "Williams executed a note to the defendant for $3,000, payable on demand, and in the body of the same he agreed that the proceeds of certain policies of insurance on his life, payable to his estate, which .he had deposited with defendant, as collateral, to secure his said note, should be applied to the payment of the note, and any surplus should be held by the defendant upon the following-terms and conditions,…
1Opinion of the Court
Walker, J\,
after stating tbe case: 'The plaintiff contends that as the liability of Leon A. Williams for the open account is not of the same kind as that upon his note for which the policies were deposited as collateral, the former is not within the terms of the contract, one being an individual and the other a firm. But we aré unable to- accept this view, as we think the words of the contract are sufficiently broad and comprehensive to embrace an express, and if not expressed, then an implied promise to pay the bank the amount of the premiums collected by his firm as insurance agents for it.…
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