Merrimon v. . Buncombe County

Supreme Court of North Carolina

Merrimon v. . Buncombe County

159 S.E. 414, 201 N.C. 822, 1931 N.C. LEXIS 114

DecidedJune 27, 1931

StatusPublished

This text of 159 S.E. 414 (Merrimon v. . Buncombe County) is published on Counsel Stack Legal Research, covering Supreme Court of North Carolina primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Merrimon v. . Buncombe County, 159 S.E. 414, 201 N.C. 822, 1931 N.C. LEXIS 114 (N.C. 1931).

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Opinion

Plaintiffs alleged that the Central Bank and Trust Company was indebted to them in the sum of $1,800, evidenced by certain certificates of deposit issued by said bank. It was further alleged that the bank was closed and its assets placed in the hands of defendant, Henson, as liquidating agent for the Corporation Commission. It was further alleged that the defendant, county of Buncombe, had on deposit in said bank at the time it was closed the sum of $3,600,000, and that the bank had turned over to said county as security for said deposit, certain collateral consisting of notes, bonds, stocks, and other assets, aggregating $6,000,000. It was further alleged that the hypothecation of its assets by the bank to secure certain depositors was wrongful and unlawful and enabled the defendant to receive an unlawful preference.

The defendants demurred to the complaint and the demurrer was sustained by the trial judge.

From the judgment so rendered the plaintiffs appealed. This case is a companion case to Merrimon v. Asheville et al., ante, 181, and the judgment sustaining the demurrer is

Affirmed. *Page 823

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Plaintiffs alleged that the Central Bank and Trust Company was indebted to them in the sum of $1,800, evidenced by certain certificates of deposit issued by said bank. It was further alleged that the bank was closed and its assets placed in the hands of defendant, Henson, as liquidating agent for the Corporation Commission. It was further alleged that the defendant, county of Buncombe, had on deposit in said bank at the time it was closed the sum of $3,600,000, and that the bank had turned over to said county as security for said deposit, certain collateral consisting of notes, bonds, stocks, and other assets, aggregating $6,000,000. It was further alleged that the hypothecation of its assets by the bank to secure certain depositors was wrongful and unlawful and enabled the defendant to receive an unlawful preference.

The defendants demurred to the complaint and the demurrer was sustained by the trial judge.

From the judgment so rendered the plaintiffs appealed. This case is a companion case to Merrimon v. Asheville et al., ante, 181, and the judgment sustaining the demurrer is

Affirmed. *Page 823

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Bluebook (online)

159 S.E. 414, 201 N.C. 822, 1931 N.C. LEXIS 114, Counsel Stack Legal Research, https://law.counselstack.com/opinion/merrimon-v-buncombe-county-nc-1931.