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BRANCH BANKING & TRUST CO. v. GILL

No. 84.

237 S.E.2d 21 (1977)

293 N.C. 164

The BRANCH BANKING & TRUST COMPANY, Plaintiff, v. Edwin GILL, Treasurer of the State of North Carolina, W. G. Parham, Jr., State Warehouse Superintendent, L. C. Woodcock, Insurance Company of North America, and Hartford Accident and Indemnity Company, Defendants, and Henry L. Stevens, III and Vance B. Gavin, Receivers of Southeastern Farmers Grain Association, Inc., and Great American Insurance Company, Third-Party Defendants.

Supreme Court of North Carolina.

August 23, 1977.

Attorney(s) appearing for the Case

Carr, Gibbons & Cozart, Wilson, Johnson & Johnson, Warsaw, and Dees, Dees, Smith, Powell & Jarrett, Goldsboro, for plaintiff-appellant.

Rufus L. Edmisten, Atty. Gen., Millard R. Rich, Jr., Asst. Atty. Gen., and Manning, Fulton & Skinner, Raleigh, for Gill, defendant-appellee.

Young, Moore & Henderson, Raleigh, for Ins. Co. of North America, defendant-appellee.

Henry L. Stevens, III, and Vance B. Gavin, Kenansville, Receivers of Southeastern Farmers Grain Ass'n, Inc., for third-party defendant-appellees.

SHARP, Chief Justice.

In our earlier opinion in this case we held: (1) that the Bank did not take the 13 fraudulent warehouse receipts (Nos. 974-986) by "due negotiation" and thus did not acquire the rights specified in G.S. 25-7-502; (2) that "nothing else appearing" the Bank was merely a transferee of the negotiable warehouse receipts and thus acquired no greater rights or title than its transferor, Southeastern; (3) that Elevator, by canceling the 16 old receipts...

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