Wachovia Bank & Trust Co. v. Smith Crossroads, Inc.

The note was negotiable in form. Prima facie it was issued for valuable consideration. G.S. 25-29. It was also under the seal of each of the parties. This created a rebuttable presumption of consideration, Mills v. Bonin, 239 N.C. 498, 80 S.E. 2d 365. Defendants had the burden of proving their defense of want of consideration; but the verdict was in response to a peremptory instruction. Defendants assign this as error.

The evidence on which the parties based their respective contentions is to this effect: Crossroads is a Ford dealer. Individual defendant is its president. He owns about 90% of…