Smith v. . Corporation Commission

Supreme Court of North Carolina

Smith v. . Corporation Commission

158 S.E. 560, 200 N.C. 809, 1931 N.C. LEXIS 464

DecidedMay 20, 1931

StatusPublished

This text of 158 S.E. 560 (Smith v. . Corporation Commission) 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

Smith v. . Corporation Commission, 158 S.E. 560, 200 N.C. 809, 1931 N.C. LEXIS 464 (N.C. 1931).

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Opinion

Pee Curiam:.

In January, 1926, Charles E. Outcalt executed a deed of trust on real property to Charles G. Lee, as trustee, to secure nine promissory notes aggregating $67,500. The plaintiffs held three of the notes'in the respective sums of $5,000, $7,500, and $10,000. The trustee gave notice that the land would be sold under the deed of trust at 12 o’clock on 30 June, 1930, at the courthouse in Asheville; and at that hour he adjourned the sale until noon the next day. The sale was made at the time last mentioned and the highest bid was $500. The property was reasonably worth $10,000. The bidder assigned his bid to B. H. Arbogast, Inc., which was a subsidiary or holding company of the Central Bank and Trust Company, by whom it was controlled. The Central Bank and Trust Company is the owner of the other notes.

Upon the agreeed facts the General County Court adjudged the sale invalid and the judgment was affirmed by the Superior Court on appeal. This is a case in which the strict letter of the law, if favorable to the appellants, should yield to equities by which justice to all parties may be administered. Judgment

Affirmed.

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Pee Curiam:.

In January, 1926, Charles E. Outcalt executed a deed of trust on real property to Charles G. Lee, as trustee, to secure nine promissory notes aggregating $67,500. The plaintiffs held three of the notes'in the respective sums of $5,000, $7,500, and $10,000. The trustee gave notice that the land would be sold under the deed of trust at 12 o’clock on 30 June, 1930, at the courthouse in Asheville; and at that hour he adjourned the sale until noon the next day. The sale was made at the time last mentioned and the highest bid was $500. The property was reasonably worth $10,000. The bidder assigned his bid to B. H. Arbogast, Inc., which was a subsidiary or holding company of the Central Bank and Trust Company, by whom it was controlled. The Central Bank and Trust Company is the owner of the other notes.

Upon the agreeed facts the General County Court adjudged the sale invalid and the judgment was affirmed by the Superior Court on appeal. This is a case in which the strict letter of the law, if favorable to the appellants, should yield to equities by which justice to all parties may be administered. Judgment

Affirmed.

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Bluebook (online)

158 S.E. 560, 200 N.C. 809, 1931 N.C. LEXIS 464, Counsel Stack Legal Research, https://law.counselstack.com/opinion/smith-v-corporation-commission-nc-1931.