Roberts v. Bowen Manufacturing Co.
Supreme Court of North Carolina
Appeal by J. 0. Biggs, receiver, from Allen, J., at March Term, 1915, of BlADEN. Oil 29 December, 1913, the Newton-McArthur Lumber Company, a corporation, failed in business, was declared insolvent by the court, and J. C. Biggs appointed receiver of its assets in a proceeding under the statute.
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Appeal by J. 0. Biggs, receiver, from Allen, J., at March Term, 1915, of BlADEN. Oil 29 December, 1913, the Newton-McArthur Lumber Company, a corporation, failed in business, was declared insolvent by the court, and J. C. Biggs appointed receiver of its assets in a proceeding under the statute. Through the receiver the said company entered into a contract with W. T. Bowen by which it agreed to sell to him, and he agreed- to buy, cut, and manufacture, upon the terms and conditions therein specified, all the pine and other merchantable timber owned by it under contracts, deeds, and leases, in…
1Opinion of the Court
WaleeR, J.,
after stating the case: The appellees, who are the claimants of the amounts due them from the Bowen Manufacturing Company for work and labor performed in cutting and manufacturing the timber into lumber, base their right to a preference in payment out of the funds over the Newton-McArthur Lumber Company and J. C. Biggs, its receiver, upon Revisal, secs. 1131 and 1206. The first of these sections provides as follows: “Mortgages of corporations upon their property or earnings, whether in bonds or otherwise, shall not have power to exempt the property or earnings of such corporations…
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