The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1842-02-03
Erom Tie Neubern Speetater.

! A case OF much Interest ana involving
many interesting questions, was decided al
! the late term OF our Supreme Court. 1t
was the case Of Fox VS.. Horah, the nate
rial lacis Of which we've as follows:
:" A loan Of money was obtained by one
John G.. Hoskins iiem the late State
Bank of North Carolipa, by the discount
at the Salisbury Branch of said Bank, Of a
note executed by said Hoskins as prinei-
pal and Stephen Fox aud Wm. w. Long,
as sureties; payable at said Brunch 10 w.
II. Horah, cashier thereof. Upon this
note an action at law was brought by lio.
rah in the County Court Of Mecklenburg
against Hoskius, Fox and Long, which
action was BY successive appeals of the
defendants carried up to the Superior
( Court of that county, and thence TO this
court, and a Judgment was ultimately OBJ
tanned by the plaintiff, after deduction OF
sundry payments, for a balance Of Si6S
10 cents, with interest on 1856 81 cents,
part thereof, from the February Term,
1880, of Meoklenburg Superior Court
Pending this action in the Superior Court,
tho charter of tho Bank expired by lis
original limitation, and an attempt was
there made TO set up this occurrence as u
legal defence but the defence folod, be.
cause, in the language of this court, "the
, legal Interest ia the dabt was IN Horah,
aud the action properly brough, by him,
and whether he was a trustee for the bank
or any other person was an enquiry with
which Court Of Law had no concern"
HorGh V. Long, 4 Dey. & Bat. 274.-
Therefore Fox, the present plaintiff, filed
this bill against llorah, ia which, after
setting forth the death and insolvency of
EosSins and also the insolvency Of Logg,
and charging certain payments or cq.I,a-
blo payments 10 have been made to the
bank and lis attorneys in full discharge of
the debt, he insisted that the debt for
which llorah had obtained Judgment, was
due 10 The Bank, that its charter had ex.
PRED, that thereby the said debt, II any
part thereof remained unpaid, was cSlin-
gushed; that llorah was not entitled be.
nellciaily to the same or any part thereof;
aud that II is unconscientious in him TO
collect II for his own benefit, and praying
for an injunction. Upon the fling Of the
bill an injunction was granted pursuant TO
the prayer. The defendant put in au an.
swer, wherein he denied the payments al
legged 10 have been made, and admitted
the expiration Of the charter as charged,
and INSISTED that he being the legal owner
Of the Judgment, had right, nolwlihsland.
ing such expiration Of the charter, to col.
!ect tho same, and declared his purpose,
when II should be collected, To apply the
proceeds To the satisfaction Of outstanding
demands against the late corporation and
the stockholders thereof. Upon the com.
inc in Of this answer the defendant moved
tor a dissolution Of the Injunction with
costs. The court so decrced and from
this dscree tho plaintiff prayed and ob.
tanned an appeal to this court"
The interesting question which arose IN
the case, and which was entirely new IN
our Courts, was, whether the corporation
of the State Bank of y. Carolinn, having
died before the money due on the note Of
tho complainant was collected the debt (
did not necessarily become extinct there. I
By. The operation Of he law differs &C.
coFglIng To the character Of the property
which is left by the Corporation undispos /,
ed of at the time Of its dissolution. The 1
very able and learned opinion Of the Court
was delivered by Judge Castor, aud he I
proceeds 10 lay down the law as il applies
to real csinte, personal property, AMI cho
ses N action, Of the which the potc 10
question was a species Of property of the
latter kind. [ pom the dissolution Of
Cofporaiion,--
"The real estate remaining uusold re.
vcrls 10 the grantor and his heirs, :" be.
cause 20 the language Of Lord Coke IN
the case Of a body polite or incorporate
the fee Is vested IN their political or incor.
porate capacity, created by the policy Of
lnnn and therefore the law doth aunex
condition in law to every such gilt and
grant that if such body polite or lncorpo.
rate be dissolved, the donor or granior
shall ro-cntor, for that the cause of the
gtlt or grant iaIle,h." Go. Lit. 1885,
Goods and cha.,els, by the common law,
we're deemed u too transitoIy and iluctu-
l,lng nature to be susceptible of reyer
'lonary interests after an estate for life,
md, on the death of corporation, thcv
10 not revert to the grantor or donor, but,
beng bona rdcantia or goods wanting an !.
1vner, they vest in the sovereign, as well
o preserve the peace Of the public, as in
rust to be employed for the safety and or. !
lament Of the commonwealth. Chooses in !.
Icfioa are under the operation of differ 8
mt rule. They we're rights Of The corpo-
alton TO demand money in the hands oil
iersons, By whom il was withheld. They !,
Icrsed their existence from contracts or !,
'uasi contracts--by which the relation of ;.
iebtor and creditor was created. When :
nc creditor corporation died--and there
vas no successor, no representalive-,he :
citation Of dobior and creditor ccased-and ;,
be debt became necessarily criiact. .
i one hut thu creditor hal a r;.,ht ., Il y