Case Name: GURNEY P. HOOD, Commissioner of Banks, et al. v. THE MACCLESFIELD COMPANY
Court: Supreme Court of North Carolina
Jurisdiction: North Carolina
Decision Date: 1934-10-10
Citations: 207 N.C. 857
Docket Number: 
Parties: GURNEY P. HOOD, Commissioner of Banks, et al. v. THE MACCLESFIELD COMPANY.
Judges: 
Reporter: North Carolina Reports
Volume: 207
Pages: 857–858

Head Matter:
GURNEY P. HOOD, Commissioner of Banks, et al. v. THE MACCLESFIELD COMPANY.
(Filed 10 October, 1934.)
Civil actioN, before Moore, Special Judge, at June Term, 1934, of Edgecombe.
Certain facts were found by the court, which may be summarized as follows:
1. That the defendant is a corporation existing under the laws of North Carolina, owning real estate in Edgecombe, Pitt, and Greene counties, in said State, and owning personal property of little value, if any.
2. That the defendant is indebted to the plaintiff by virtue of a bank stock assessment in the sum of $9,060, a transcript of which judgment appears of record.
3. Tbe plaintiff claims that tbe defendant is further indebted in tbe sum of $17,097 on account of a guarantee of tbe assets of tbe First National Bank of Tarboro.
4. Tbe defendant is indebted to tbe plaintiff by virtue of a bank stock assessment in tbe sum of $14,300 on bebalf of tbe Pinetops Banking Company.
5. That at tbe April Term, 1934, of tbe Edgecombe Superior Court, an order was entered authorizing tbe liquidating agent to accept an offer of Henry Clark Bridgers for tbe purchase of tbe judgment in favor of Pinetops Banking Company, said Bridgers being a stockholder and president of tbe defendant.
6. That tbe plaintiff caused execution to issue on its judgment and tbe property was sold on 9 April, 1934, and tbe plaintiff became tbe highest bidder for said property for tbe sum of $5,000, but said sale has not been closed.
7. That at an execution sale held 4 June, 1934, under an execution issued on a judgment in favor of tbe Pinetops Banking Company, Henry Clark Bridgers became tbe last and highest bidder for substantially all of tbe property of defendant for tbe sum of $14,000, and tbe said Henry Clark Bridgers is president of tbe defendant company.
8. That tbe defendant is engaged entirely in tbe business of owning and renting real estate and owned certain shares of stock which are of no substantial value, and for lack of funds has permitted tbe major portion of its property to be sold for taxes; that said corporation is unable to meet its obligations and is insolvent or in imminent danger of insolvency.
9. That tbe defendant is delinquent in payment of county and municipal taxes for two years, and now owes past-due taxes in tbe sum of approximately $2,000.
Upon tbe foregoing facts tbe trial judge appointed a receiver for tbe defendant corporation' and restrained tbe sale of tbe property under execution on 4 June, 1934.
From tbe foregoing judgment tbe defendant appealed.
Gilliam <& Bond, for plaintiff.
Henry O. Bourne for defendant.

Opinion:
Per Curiam.
There was sufficient evidence to warrant tbe findings of fact made by tbe trial judge and such findings support tbe judgment rendered.
Affirmed.