Wimbish Co. v. . Miller .

Supreme Court of North Carolina

Wimbish Co. v. . Miller .

72 N.C. 523

CourtSupreme Court of North Carolina

DecidedJanuary 5, 1875

StatusPublished

Cited by1 cases

This text of 72 N.C. 523 (Wimbish Co. v. . Miller .) 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.

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Wimbish Co. v. . Miller ., 72 N.C. 523 (N.C. 1875).

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Opinion

Rodmaxx, J.

The several acts of Assembly on the subject of debts contracted during the war, which are too familiar to need any special reference, and the numerous decisions of this Court on the meaning of those acts, establish this rule: If the consideration for the promise to pay, was property purchased by the debtor, the vendor is entitled to recover the value of the pi’operty at the date of the sale, in gold, or its equivalent in the legal tender of the United States. Robeson v. Brown, 63 N. C. Rep., 554.

If a part of the price was paid in Confederate money, such *525 payment is to be deducted at its nominal value from the sum owing j it is a payment pro tanto upon the debt, and the residue only is owing, the value of which is to be ascertained upon the same principle. If, for an easy example, land worth $6,000 was sold for $30,000, and one half or $15,000 was paid, the purchaser would owe one half the value of the land, or $3,000 in gold, with interest, or its equivalent, as aforesaid. The fact that a mortgage was given to secure the payment of the residue, can make no difference in the amount of the debt.

This is the only question presented by the case agreed, and under the agreement the case is renianded, in order that the value of the land may be ascertained, and the case otherwise proceeded in according to law.

Pee, Oueiam. Case remanded, to be proceeded in, &c. The plaintiff will recover costs.

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Rodmaxx, J.

The several acts of Assembly on the subject of debts contracted during the war, which are too familiar to need any special reference, and the numerous decisions of this Court on the meaning of those acts, establish this rule: If the consideration for the promise to pay, was property purchased by the debtor, the vendor is entitled to recover the value of the pi’operty at the date of the sale, in gold, or its equivalent in the legal tender of the United States. Robeson v. Brown, 63 N. C. Rep., 554.

If a part of the price was paid in Confederate money, such *525 payment is to be deducted at its nominal value from the sum owing j it is a payment pro tanto upon the debt, and the residue only is owing, the value of which is to be ascertained upon the same principle. If, for an easy example, land worth $6,000 was sold for $30,000, and one half or $15,000 was paid, the purchaser would owe one half the value of the land, or $3,000 in gold, with interest, or its equivalent, as aforesaid. The fact that a mortgage was given to secure the payment of the residue, can make no difference in the amount of the debt.

This is the only question presented by the case agreed, and under the agreement the case is renianded, in order that the value of the land may be ascertained, and the case otherwise proceeded in according to law.

Pee, Oueiam. Case remanded, to be proceeded in, &c. The plaintiff will recover costs.

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