Armstrong, Cator & Co. v. E. M. Asbury & Co.
Supreme Court of North Carolina
Appeal by defendant A. S. McRae from Devin, J., at April Term, 1915, of StaNly. Action brought against tbe defendants E. M. Asbury & Co., C. J. Mauney, C. W. Andrews, F. V. Watkins and A. S. McRae for tbe recovery of $310.30, with, interest from 1 October, 1909. Tbe plaintiffs, among other thing's, allege in their complaint that the defendant E. M. Asbury & Co. is a corporation, and that C. J. Mauney, E. M. Asbury, F. Y. Watkins, O. W. Andrews and A. S. McRae are its…
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Appeal by defendant A. S. McRae from Devin, J., at April Term, 1915, of StaNly. Action brought against tbe defendants E. M. Asbury & Co., C. J. Mauney, C. W. Andrews, F. V. Watkins and A. S. McRae for tbe recovery of $310.30, with, interest from 1 October, 1909. Tbe plaintiffs, among other thing's, allege in their complaint that the defendant E. M. Asbury & Co. is a corporation, and that C. J. Mauney, E. M. Asbury, F. Y. Watkins, O. W. Andrews and A. S. McRae are its stockholders; that about 13 March, 1909, and at various times thereafter during the year 1909, at the request of the defendant…
1Opinion of the CourtAlleN, J.
The defendant corporation, E. M. Asbury & Co., bought goods from the plaintiff and was the original debtor, and there was then no personal liability on the defendant McRae, a stockholder of the corporation. The only claim of the plaintiff against McRae is that he and the other stockholders, in order to obtain indulgence from the plaintiff for the corporation, entered into an agreement by which they agreed to sell the corporate property and apply the proceeds to the debts, and to pay ratably any part of the debts remaining unpaid.
In other words, the cause of action alleged against the…
2Cases cited3 opinions
- Blow v. . JoynerSupreme Court of North Carolina · 1911
- Banks v. Gay Manufacturing Co.Supreme Court of North Carolina · 1891
- Graves v. . CameronSupreme Court of North Carolina · 1913
3Cited by2 opinions
- Wilson v. ChandlerSupreme Court of North Carolina · 1953
- Denny v. ColemanSupreme Court of North Carolina · 1956