Buie v. Kennedy
Supreme Court of North Carolina
Appeal by plaintiffs from Ferguson, J., at February Term, 1913, of BobesoN. Tbis action was brought by tbe plaintiffs to enjoin tbe sale of certain real • property under a power • of sale contained in a mortgage given by them to tbe defendants. Tbe real controversy, though, arose out of tbe settlement of their partnership dealings.
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Appeal by plaintiffs from Ferguson, J., at February Term, 1913, of BobesoN. Tbis action was brought by tbe plaintiffs to enjoin tbe sale of certain real • property under a power • of sale contained in a mortgage given by them to tbe defendants. Tbe real controversy, though, arose out of tbe settlement of their partnership dealings. Defendants being tbe owners of lands, chattels, and turpentine leases in tbe State of Florida, conveyed a one-half undivided interest therein to the plaintiffs for the sum of $8,000, under an existing agreement to form a copartnership for the purpose of carrying on…
1Opinion of the Court
WalKER, J.,
after stating the case: The first question presented is the one in regard to the profits. The authorities seem to hold it to be clear that an important distinction exists between the terms “profits” and “gross returns.” Profits are the excess of returns over advances; the excess of what is obtained over the cost of obtaining it. Losses, on the other hand, are the excess of advances over returns; the excess of the cost of obtaining over what is obtained. The expressions “net profits” and “gross profits” are met with in the books, but they are inaccurate. “Profits” and “net profits”…
2Cases cited29 opinions
- Thomas v. . ScuttNew York Court of Appeals · 1891
- Evans v. Freeman.Supreme Court of North Carolina · 1906
- Walker v. . VentersSupreme Court of North Carolina · 1908
- Michael v. . FoilSupreme Court of North Carolina · 1888
- Bost v. . BostSupreme Court of North Carolina · 1882
24 more not listed; retrieve them via the Exa API.
3Cited by20 opinions
- Rader v. Queen City Coach Co.Supreme Court of North Carolina · 1945
- Hill v. Star Insurance Co. of AmericaSupreme Court of North Carolina · 1931
- Farrington v. . McNeillSupreme Court of North Carolina · 1917
- Powell v. DanielSupreme Court of North Carolina · 1952
- State v. AtkinsSupreme Court of North Carolina · 1955
15 more not listed; retrieve them via the Exa API.