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HASSELL v. FIRST PENNSYLVANIA BANK, N.A.

No. 782SC686.

254 S.E.2d 768 (1979)

Charles R. HASSELL, Jr., Trustee for the Home Indemnity Company v. FIRST PENNSYLVANIA BANK, N.A.

Court of Appeals of North Carolina.

May 15, 1979.

Attorney(s) appearing for the Case

Davis, Hassell, Hudson & Broadwell by Charles R. Hassell, Jr. and Donald A. Davis, Raleigh, for plaintiff-appellant.

Spruill, Trotter & Lane by Will H. Lassiter III, Rocky Mount, for defendant-appellee.

HARRY C. MARTIN, Judge.

In order for plaintiff to succeed on this appeal his levy of 14 October 1977 must relate back to the filing of the financing statement on 21 January 1971. N.C.Gen. Stat. 25-9-501(5). It is black letter law that plaintiff, as assignee, has no greater rights than his assignor. Koehring failed to file a continuation statement with respect to its financing statement against Seacrest. Therefore, plaintiff's financing statement lapsed on 21 January...

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