The Richmond Virginian. (Richmond, Va.) 1910-1920, 1911-10-26
TELLS OF STRUGGLE
TO PAY BIG DEBT
CHARLES HALL DAVIS CENTRE
HILL CORPORATION IS GRANT
ED An APPEAL.
LOST HIS SECURITY
CREDITOR hank PRESSED M
CRUCIAL MOMENT AND BROUGHT
ABOUT SALE TO IT At SACRI-
FICE FIGURE. SAYS PETITION.


tate stories of the year Is told in
petition for au appeal grained yes
teroay by the supreme court in the
case of the GENRE mn corporation
against tho American Banking anu
trust Company, samuel ". Aimmei
and Wililam A. w rth, trustees, all
of Petersburg
The story tells of the struggle of
Charles Hall Davis, to meet his obli-
CATION to the Appomattox Trust Com
pany, and of the loss OF the lana
which he mad pledged as security Tor
the debt by reason of the pressure
brought to bear upon him at time
when he had, he claims, good reason
to believe, that he could close II out
at sum which would more than cover
his dept.
Claims Court Erred.
The Centre hili corporation $ petit
ton is virtually Mr.. Davis petition,
and the principal argument in II, that
caused the supreme Court to lend n
listening ear, was that the trustees
to whom the property had been deed
ed, for the protection of the bank,
did not dispose of the property, or
attempt to dispose of 1t even, in the
manner directed by the deed of trust,
but that they sold IL at private sale,
by direction of the court, for q sum
of money, $4,000, which represented
only about half of its value, and
which was the price then offered for
seventeen of the twenty -nine lots.
The petition alleges that certain
twenty mine lots, which had been con-
veyed to the trustees by the petitioner.
were conveyed by the said trustees
Greet to the creditor bank without
attempting to sell by public auction
or otherwise as credit on or paTi
payment of the notes secured. against
the protest of the debtor, upon terms
other than those prescribed in the
deed of trust, and at a grossly made
ouate price based upon ex parte ati
davits which were excepted to by the
petitioners.
Mr.. Davis Story.
I he petition sets out that in Oeto-
| Der. 1909, Charles Hail Davis, finding
himself and the firm of Davis ane
Davis composed OF himself and Rich
| ard b. Davis, indebted to the Apo
alattox Trust Company. which ha,
! since changed its name to American
l5a' h and Trust Company. lneorpor-
| ated. in the sum of $4,000, executed
! a died OF trust on the Centre Hill
property, a seven-acre tract, in the
3
a handsome colonial home thereon
surrounded by beautiful trees, witt
| view of the cutting up of the prop
erty into lots. and disposing of tbs
! same for the payment of the debt.
| Davis afterward sold the property
| to the Centre Hill Corporation fo
| 1000, the amount of his debt to TIL.
bank. the corporation paying $40. oot
in cash and giving notes for the bal
ance of $4,000 payable in eaua
amounts in one. two and three years
the cash and notes being turned owe
! to the bank. Sales were being nego
tiated of the property. and the pc
titioner claims that such figures wer,
being gotten as would have more thar
resulted in getting enough out of tn
property to more than have paid tn
debt.
When the obligation fell due tn
bank declined to extend the time 70
even thirty days, the petition reeite
and at once set about to enforce tn
deed of trust. After sundry lega
bouts the bank was able to brini
about the transfer of the title TO TIL
whole property TO itself at S3T, 600 a
privae sale, although at the time, tn
petition AYERS, there were customer
for seventeen lots at s4s.01o. 1t
averred that the bank did not SO nue.
desire to collect the money as 1t di
to get possession of the property an
it is alleged that the trustees refuse
to sell Carl II. Davis one of the lot
a a sum which was twice as great a
was afterward paid by the credlto
bank.
The petition ayers that the coui
erred in not permitting the propert
to be sold at public auction. Apes
land supersedeas was awarded. and tn
bond fixed at $500.
Refuses Two Appeals.
The court declined TO grant the AT
peal asked for In the case Of jams
II. Luter, minor. who sued by h
next friend, Vernon Hanson. the /
II. Barnes Company, a corporation
. In the Circuit Court Of Norfolk count,
The appellant suffered the loss of h
. left arm while at work in the be
, factory of the corporation. The 1ur
| awarded damages In the sum OF -
, 500, but the verdict WAS set aside an
, the demurrer Of the defense sustain
ed by the lower court.
The Supreme Court also denied "
appeal asked for by the platnt1n
the case Of Fannie Burinsky again
NJ. Hofhsimer & Company, up frol
the Corporation Court of Norfol
county.