Case Name: NORTH CAROLINA CORPORATION COMMISSION v. CENTRAL BANK AND TRUST COMPANY
Court: Supreme Court of North Carolina
Jurisdiction: North Carolina
Decision Date: 1931-05-20
Citations: 200 N.C. 808
Docket Number: 
Parties: NORTH CAROLINA CORPORATION COMMISSION v. CENTRAL BANK AND TRUST COMPANY.
Judges: 
Reporter: North Carolina Reports
Volume: 200
Pages: 808–808

Head Matter:
NORTH CAROLINA CORPORATION COMMISSION v. CENTRAL BANK AND TRUST COMPANY.
(Filed 20 May, 1931.)
Civil aotion, before Harris, J., at Chambers, Wake Superior Court, 25 April, 1931.
Tbe Central Bank and Trust Company of Raleigb was a banking corporation, and at tbe February Term, 1922, of tbe Superior Court of Wake County in an action entitled “Corporation Commission v. Central Bank and Trust Company,” tbe said bank was closed, and J. O. Little, J. B. Ball and W. Gr. Barnes, duly appointed receivers thereof. Tbe Chemical National Bank filed a claim with tbe receivers for tbe sum of $40,919. Tbe Chemical National Bank held certain notes of the Central Bank and Trust Company as collateral security for said indebtedness. When tbe claim was filed tbe receivers took tbe position “that tbe Chemical National Bank was not entitled to receive a dividend upon its entire claim, but only a pro rata dividend on tbe amount of said claim less tbe value of tbe securities held by it.” From tbe ruling of tbe receivers tbe Chemical National Bank appealed to tbe Superior Court. Tbe trial judge decreed and ordered tbe receivers to pay to tbe Chemical National Bank “an amount of money which shall equal such percentage of $40,919 as has heretofore been paid to other creditors of Central Bank and Trust Company,” etc.
From tbe foregoing judgment the receivers appealed.
Smith & Joyner for plaintiff, Chemical National Bank.
Murray Allen for receivers.

Opinion:
Pee CueiaM.
Tbe judgment is affirmed upon authority of Central Bank and Trust Co. v. Jarrett, 195 N. C., 798. See, also, Merrill v. Bank, 173 U. S., 131.
Affirmed.