Stagg v. Spray Water Power & Land Co.
Supreme Court of North Carolina
Appeal by defendant from. Justice, J., at June Term, 1915, of ROCKINGHAM. This action was brought to recover $1,080, alleged to be due under guaranties of the defendant indorsed upon three certificates each for twenty shares of the cumulative preferred stock which was issued by The American Warehouse Company, the par value of each share being $100. The certificate is in the following form: The AmericaN 'Warehouse Company.
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Appeal by defendant from. Justice, J., at June Term, 1915, of ROCKINGHAM. This action was brought to recover $1,080, alleged to be due under guaranties of the defendant indorsed upon three certificates each for twenty shares of the cumulative preferred stock which was issued by The American Warehouse Company, the par value of each share being $100. The certificate is in the following form: The AmericaN 'Warehouse Company. Authorized Capital, $1,000,000. This certifies that J. E. Stagg is the registered owner of twenty cumulative preferred shares, of the par value of $100 each, in the capital…
1Opinion of the Court
*591Waiter, J.,
after stating tbe case: This case, witb others, involving substantially tbe same questions, was exhaustively discussed by counsel and well prepared briefs filed presenting numerous points; but we do not deem it necessary to consider more than two or three of them.
The defendant contends that there has been no breach of the guaranty, as it only extends to the payment of such dividends as are earned and declared by the warehouse company, and is, therefore, merely a contract to the effect that if such dividends are not paid, the guarantor will pay the same, which would amount to no…
2Cases cited20 opinions
- Dermott v. JonesSupreme Court of the United States · 1865
- Greenwood v. Freight Co.Supreme Court of the United States · 1882
- Hamilton Gas Light & Coke Co. v. Hamilton CitySupreme Court of the United States · 1892
- Harmony v. . BinghamNew York Court of Appeals · 1854
- Dexter v. . NortonNew York Court of Appeals · 1871
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