Morris v. Winston-Salem Apartment Co.

137 S.E. 581, 193 N.C. 842, 1927 N.C. LEXIS 488

• Court: Supreme Court of North Carolina
• Decided: April 13, 1927
• Status: Published

Opinion

Per Curiam.

For tbe purpose of raising money to put up an apartment building the defendant in 1922 put on tbe market 7 per cent.preferred stock amounting to $100,000, and employed Pope Seals to sell tbe stock. Seals employed Louis Maybew as a sub-agent. These two sold tbe plaintiff ten shares of tbe par value of $100 a share, and caused to be issued a certificate therefor, tbe transaction including a bonus of fifty shares of common stock. Tbe plaintiff turned over to tbe agents in payment thirty shares of tbe common stock of tbe Eobert E. Lee Hotel, each'of tbe par value of $100, and two second mortgage bonds of tbe hotel, each of tbe value of $50. By an agreement with its secretary and treasurer' Maybew gave tbe defendant bis note for $1,000, but plaintiff bad no knowledge of tbe transaction.

Tbe object of tbe action is to compel tbe payment of dividends on tbe plaintiff’s stock. Tbe defendant resists payment for tbe alleged reason that tbe plaintiff’s stock was not paid for in money or money’s worth as required by C. S., 1157.

After an examination of the record and tbe briefs we find no error which in our opinion entitles tbe defendant 'to a new trial.

No error.