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HUSKI-BILT, INC. v. FIRST-CITIZENS BANK & TRUST CO.

No. 285.

157 S.E.2d 352 (1967)

271 N.C. 662

HUSKI-BILT, INC., a Corporation, Plaintiff, v. The FIRST-CITIZENS BANK & TRUST COMPANY, a corporation, Defendant.

Supreme Court of North Carolina.

November 1, 1967.

Attorney(s) appearing for the Case

Warren C. Stack and James L. Cole, Charlotte, for plaintiff appellant.

Ward & Tucker, New Bern, Boyle, Alexander & Carmichael, by R. C. Carmichael, Jr., Charlotte, for defendant appellee.

PLESS, Justice.

The plaintiff's first cause of action is based upon its claim that the American Defender Life Insurance Company was almost fully owned by the defendant and its three principal officers. It contends that when the bank required it to expend some $38,000.00 for insurance premiums, which went to its alleged subsidiary or alter ego, it constituted gross profit; that premiums were required to be paid for the entire length of the term of the deeds of trust...

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