Legal Opinion
Burlington Industries, Inc. v. Foil
Supreme Court of North Carolina
Decided February 25, 1974No. 43PublishedCited by 27 opinions
1Opinion of the Court
MOORE, Justice.
Plaintiff first alleges that defendant Foil personally guaranteed Colonial’s account and that credit was extended to Colonial in reliance on Foil’s personal guaranty.
“A guaranty of payment is an absolute promise by the guarantor to pay a debt at maturity if it is not paid by the principal debtor. This obligation is separate and independent of the obligation of the principal debtor, and the creditor’s cause of action against the guarantor ripens immediately upon the failure of the principal debtor to pay the debt at maturity.” Investment Properties v. Norburn, 281 N.C. 191, 188…
2Cases cited39 opinions
- Kelly v. International Harvester CompanySupreme Court of North Carolina · 1971
- Emerson v. SlaterSupreme Court of the United States · 1860
- Investment Properties of Asheville, Inc. v. NorburnSupreme Court of North Carolina · 1972
- Wynn v. GrantSupreme Court of North Carolina · 1914
- Peele v. PowellSupreme Court of North Carolina · 1911
34 more not listed; retrieve them via the Exa API.
3Cited by27 opinions
- Zimmerman v. Hogg & Allen, Professional Ass'nSupreme Court of North Carolina · 1974
- Ellison v. AlexanderCourt of Appeals of North Carolina · 2010
- Watson Electrical Construction Co. v. Summit Companies, LLCCourt of Appeals of North Carolina · 2003
- Effler v. PylesCourt of Appeals of North Carolina · 1989
- Pierce Concrete, Inc. v. Cannon Realty & Construction Co.Court of Appeals of North Carolina · 1985
22 more not listed; retrieve them via the Exa API.