Silver Valley Mining Co. v. North Carolina Smelting Co.
Supreme Court of North Carolina
Civil action, brought by plaintiffs to recover judgment for money due, against the North'Carolina Smelting Company, and to set aside and cancel a mortgage executed by said North Carolina Smelting Company to defendant F. T. Johnson, and also to cancel judgments confessed by said smelting company to the other defendants than Johnson, and tried before Greene, J., and a jury, at Fall Term, 1896, of Davidson Superior Court.
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Civil action, brought by plaintiffs to recover judgment for money due, against the North'Carolina Smelting Company, and to set aside and cancel a mortgage executed by said North Carolina Smelting Company to defendant F. T. Johnson, and also to cancel judgments confessed by said smelting company to the other defendants than Johnson, and tried before Greene, J., and a jury, at Fall Term, 1896, of Davidson Superior Court. The issues related principally to the solvency or insolvency of the defendant company at the dates of the mortgage and confessions of judgment. There was a verdict for the…
1Opinion of the Court
Aveby, J.:
Looking alone to the derivation of the words “ solvent ” and “ insolvent,” they mean respectively, able and unable to pay. "Whether the adjective insolvent is used to define the condition of a decedent’s estate or the financial status of a living person, its signification is the same. ' It means, unable to meet liabilities after converting all of the property or assets belonging to the person or estate into money, at market prices, and applying the proceeds, with the cash previously on hand, to the payment of them. This is substantially the definition given by the reputable…
2Cases cited3 opinions
- Woodruff v. . BowlesSupreme Court of North Carolina · 1889
- Peeler v. . PeelerSupreme Court of North Carolina · 1891
- Berry v. . HallSupreme Court of North Carolina · 1890
3Cited by3 opinions
- Kessing v. National Mortgage CorporationSupreme Court of North Carolina · 1971
- Sample v. . JacksonSupreme Court of North Carolina · 1943
- Kessing v. National Mortgage CorporationSupreme Court of North Carolina · 1971