State Ex Rel. Hicks v. Corp. Comm'n
| Decision Date | 23 December 1931 |
| Docket Number | No. 557,557 |
| Citation | 201 N.C. 819,161 S.E. 545 |
| Court | North Carolina Supreme Court |
| Parties | STATE ex rel. HICKS . v. CORPORATION COMMISSION OF NORTH CAROLINA et al. |
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Appeal from Superior Court, Rutherford County; O. F. MacRae, Special Judge.
Action by the State of North Carolina, on the relation of W. L. Hicks, guardian of Glenn Hawkins, Joseph Hawkins,, and Hazel Hawkins, against the Corporation Commission of North Carolina and others. From judgment for plaintiff, defendants Corporation Commission and John D. Biggs, Liquidating Agent of Farmers' Bank & Trust Company, appeal.
Modified and affirmed.
This is an action on a guardian's bond, executed by the Farmers' Bank & Trust Company, guardian of Glenn Hawkins, Joseph Hawkins, and Hazel Hawkins, infants, as principal, and by the defendants T. B. Lovelace, B. B. Doggett, and J. A. Dennis, as sureties. The bond is dated July 5, 1929.
On February 4, 1930, the Farmers' Bank & Trust Company was duly declared insolvent. The Corporation Commission of North Carolina, under the provisions of statutes then in force, took possession of the assets of the said insolvent bank for the purpose of liquidating its affairs. The said commission appointed the defendant John D. Biggs, as liquidating agent of said bank, and the said defendant is now engaged in the performance of his duties as such agent.
On April 29, 1930, the relator, W. L. Hicks, was appointed by the clerk of the superior court of Rutherford county as guardian of Glenn Hawkins, Joseph Hawkins, and Hazel Hawkins. He has duly qualified as such guardian. At the date of its insolvency and of its removal by the clerk as guardian of said infants, the Farmers' Bank & Trust Company had in its hands the sum of $3,000 belonging to the estate of its said wards. The said Bank & Trust Company had received said sum from a former guardian, and had failed to invest same as required by law. It had commingled said sum with its funds.
On the foregoing facts, admitted in the pleadings, it was adjudged that plaintiffs recover of the defendants the sum of $3,000, with interest from July 5, 1929, and the costs of the action. It was further ordered and adjudged that plaintiffs have a preferred claim against the assets of the Farmers' Bank & Trust Company of Forest City, N. C, now in the hands of the defendants Corporation Commission of North Carolina, or its successor, the commissioner of banks of North Carolina, and John D. Biggs, liquidating agent.
From this judgment, the defendants ...
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