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STATE EDUCATION ASSIST. AUTH. v. BANK OF STATESVILLE

No. 44.

174 S.E.2d 551 (1970)

276 N.C. 576

STATE EDUCATION ASSISTANCE AUTHORITY v. BANK OF STATESVILLE.

Supreme Court of North Carolina.

June 12, 1970.

Attorney(s) appearing for the Case

Atty. Gen. Robert B. Morgan, Deputy Atty. Gen. Harry W. McGalliard, and Staff Atty. James L. Blackburn, Raleigh, for plaintiff appellee.

Bailey, Dixon, Wooten & McDonald, by Kenneth Wooten, Jr., Raleigh, and Sowers, Avery & Crosswhite, by Isaac T. Avery, Jr., Statesville, for defendant appellant.

BOBBITT, Chief Justice.

Whether defendant is legally obligated to accept and pay for the three $1,000.00 Series B Bonds is the ultimate question for decision. The answer depends upon whether the validity of the Series B Bonds is subject to successful challenge by defendant on any of the grounds asserted by it.

Defendant's offer to purchase was made with full knowledge of the provisions of the Bond Resolutions of August 29, 1968, and of August 21, 1969...

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