(Download) "Hunter v. Scruggs Drug Store" by United States Court of Appeals for the Fourth Circuit # eBook PDF Kindle ePub Free
eBook details
- Title: Hunter v. Scruggs Drug Store
- Author : United States Court of Appeals for the Fourth Circuit
- Release Date : January 14, 1940
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 58 KB
Description
This litigation began with the filing of a claim against the estate of J. B. Whitley, in bankruptcy, by Scruggs Drug Store, Inc., on an indebtedness of $8,925, with interest from January 20, 1936, based upon a chattel mortgage of that date. The mortgage was originally given by C. E. Cline and Frank Waldrop to secure a debt of $12,000 represented by 160 promissory notes of $75 each payable monthly. It covered the stock of merchandise, furniture and fixtures of a drug store business known as the Economy Drug Company located at Hendersonville, North Carolina, and purchased by the mortgagors from the mortgagee. J. B. Whitley, through certain mesne conveyances, subsequently acquired the property subject to the terms of the mortgage. The debt matured December 20, 1938, when default having been made, the entire balance was declared due and payable in accordance with the terms of the mortgage. On December 24, 1938, Whitley delivered the property to the trustee unde the mortgage, and on January 24, 1939, an involuntary petition in bankruptcy was filed against him. The mortgagee then asked permission of the court to sell the property through the mortgage trustee under the terms of a power of sale contained in the document, and apply the proceeds of the sale to the payment of the debt. This motion was opposed at the outset by the trustee in bankruptcy.
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