Cardwell v. . Garrison
Supreme Court of North Carolina
Civil action, tried before Calvert, J., and a jury, at January Term, 1920, of Alamance. The action is to recover the amount purporting to be due on four negotiable promissory notes executed by defendants to the Twin City Monument Company aggregating $1,275 principal money, with interest, and endorsed by said company to plaintiff for value before maturity, through William P. Sharp, its then president.
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Civil action, tried before Calvert, J., and a jury, at January Term, 1920, of Alamance. The action is to recover the amount purporting to be due on four negotiable promissory notes executed by defendants to the Twin City Monument Company aggregating $1,275 principal money, with interest, and endorsed by said company to plaintiff for value before maturity, through William P. Sharp, its then president. There was allegation with evidence on the part of defendant tending to show that these notes were given for shares of stock in said company, and that defendants were induced to sign the same by…
1Opinion of the CourtHoke, J.
Defendants except to the validity of this recovery on the ground that plaintiff being a stockholder in the Twin City Monument Company is affected with constructive notice of the limitations put upon the power of the president to endorse the notes sued upon, and is conclusively bound by them. The position, as we understand it, being that as to plaintiff the legal title has not passed from the company, and the claim is open to any defenses that could be made against the company. This, though it is admitted that the plaintiff had no actual knowledge of the resolution of the directors on the…
2Cases cited5 opinions
- Pearsall v. Western Union Telegraph Co.New York Court of Appeals · 1891
- Norfolk Southern Railroad v. SmithermanSupreme Court of North Carolina · 1919
- Trollinger v. . FleerSupreme Court of North Carolina · 1911
- Watson v. Proximity Manufacturing Co.Supreme Court of North Carolina · 1908
- Meisenheimer v. . AlexanderSupreme Court of North Carolina · 1913
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- Warren v. Littleton Orange Crush Bottling Co.Supreme Court of North Carolina · 1933
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