First National Bank v. Consolidated School District No. 28

Reargument was granted, and counsel for each side have presented additional oral arguments and briefs.

We refer to the school district as defendant.

4. It is argued that G. S. 1923 (2 Mason, 1927) § 9166, permits set-off of claims against intermediate holders only where such claims arose and matured after the one claiming such set-off had notice or knowledge of the intermediate holder's ownership of the obligation sued upon and before he had notice or knowledge of its subsequent assignment. We do not so construe the statute. The claim against the intermediate holder must have accrued before the…