Causey v. . Snow

Citations

• 29 S.E. 359
• 122 N.C. 326
• 1898 N.C. LEXIS 255

Syllabus

<p>Action on Note — Demand Note — Statute of Limitations —Estoppel.</p> <p>1. A note payable on demand is due on the day of its date.</p> <p>2. The purchaser of a note after its maturity takes it subject to all de-fences available against it in the hands of the payee.</p> <p>3. Where a married woman takes a note after maturity, her coverture does not stop the running of the statute of limitations.</p> <p>4. Where commissioners of a court having a fund in their hands from the sale of property ordered to be sold, lend it and take a note therefor, the note is -not a fund in the hands of the court so as to enable the court to order its payment, and, hence, is not protected against the running of the statute of limitations.</p> <p>5. Where, in a creditor’s bill against an insolvent corporation to wind up its affairs, the court directed that S, to whom had been assigned a bid on property sold by the commissioners of the court, and who had paid the money into court and received a deed, should be loaned the money on proper security, and a final decree was after-wards rendered under which a creditor received a note taken by the commissioners for the money and signed by, S and others. Held, in an action on the note, that S, not being a party to the action, was not estopped by the order or decree from showing that he signed the note as security for another party to whom the money was loaned.</p>