Branch Banking & Trust Co v. Hood
| Decision Date | 21 March 1934 |
| Docket Number | No. 74.,74. |
| Citation | 206 N.C. 268,173 S.E. 601 |
| Court | North Carolina Supreme Court |
| Parties | BRANCH BANKING & TRUST CO. v. HOOD, Commissioner of Banks. |
Appeal from Superior Court, Wilson County; Barnhill, Judge.
Action by the Branch Banking & Trust Company against Gurney P. Hood, Commissioner of Banks. From an adverse judgment, plaintiff appeals.
Error.
Civil action to establish preference, or priority of claim, to funds in the hands of the liquidating agent of insolvent bank.
The case was heard by the court without the intervention of a jury upon facts alleged and admitted or not denied:
(1) On January 2, 1931, J. D. Bardin, ex-clerk superior court for Wilson county (his term of office having expired first Monday in December, 1960), turned over to the Planters' Bank of Wilson, as the financial agent of Wilson county, the sum of $18,621.40, as directed and required to do by the provisions of chapter 299, Pub. Loc. Laws 1927; the same being funds in the hands of the clerk belonging to minors, wards, and estates, and received by him by virtue of his office. An itemized statement showing the persons to whom the various funds belonged was duly presented, and the same were received with full knowledge of the character and details of the different accounts.
(2) The Planters' Bank as financial agent of Wilson county executed and delivered receipt for said funds in "full discharge to the said clerk for any liability incurred by him because of the receipt of said funds." Section 2, c. 299, Pub. Loc. Laws 1927.
(3) By section 3 of said act it is provided that the financial agent "shall keep said funds until they shall become due and payable to the person entitled to receive them; * * * shall invest the same in good, safe, interest bearing securities * * * and shall annually render to the clerk of the Superior Court an account as is required of guardians, administrators and other trustees."
(4) The funds in question were received under and by virtue of the provisions of this act.
(5) The Planters' Bank, instead of invest ing said funds in good, safe, interest-hearing securities, mixed and commingled the same with other funds and moneys of said bank.
(6) On December 28, 1931, the said Planters' Bank closed its doors on account of insolvency, and the commissioner of banks duly took over its assets for liquidation. Of the amount originally received and credited to this account, the sum of $11,769.29 was on deposit to the credit of said account at the time of the bank's closing.
(7) The Branch Banking & Trust Company...
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State v. Humphries, 654.
...gives life to a legislative enactment. The heart of a statute is the intention of the lawmaking body. Branch Banking & Trust Co. v. Hood, 206 N.C. 268, 173 S.E. 601; State v. Earnhardt, 170 N.C. 725, 86 S.E. 960. In the language of Chancellor Kent: "In the exposition of a statute the intent......
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Heaton v. City of Charlotte
...the meaning can be gathered from the full context of the statute and other statutes related to the subject. Branch Banking & Trust Co. v. Hood, Comr., 206 N.C. 268, 173 S.E. 601. It is apparent from the legislative history that the omission of R--20MF from the ranking of zoning classificati......
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State v. Humphries
...3:6. There is no debate over the proposition that the heart of a statute is the intention of the lawmaking body (Branch Banking & Trust Co. v. Hood, 206 N.C. 268, 173 S.E. 601) and when not clearly expressed, this is to be ascertained by judicial interpretation (Abernethy v. Board of Com'rs......
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Unemployment Compensation Commission of North Carolina v. Jefferson Standard Life Ins. Co.
...... including any partnership, association, trust, estate,. joint-stock company, insurance company, or corporation,. ..."The heart of. a statute is the intention of the law-making body. Branch. Banking & Trust Co. v. Hood, Com'r, 206 N.C. 268, 173. S.E. 601." ......