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HANKS v. NATIONWIDE MUT. FIRE INS. CO.

No. 7917SC989.

267 S.E.2d 409 (1980)

L. June HANKS and Hobart Bobbitt, d/b/a Stop & Shop v. NATIONWIDE MUTUAL FIRE INSURANCE COMPANY.

Court of Appeals of North Carolina.

July 1, 1980.

Attorney(s) appearing for the Case

Gardner, Gardner, Johnson & Etringer by John C. W. Gardner, Mount Airy, for plaintiffs-appellants.

Hudson, Petree, Stockton, Stockton & Robinson by W. Thompson Comerford, Jr. and Grover G. Wilson, Winston-Salem, for defendant-appellee.

ERWIN, Judge.

Plaintiff's Evidence

Ms. Hanks testified that on 21 December 1976, she and her brother, Bobbitt, bought all the stock and fixtures of Stop and Shop from Jimmy Akers for $10,000 in cash, although the bill of sale showed a purchase price of $8,500. No inventory was taken of the stock at the time of the sale. After the purchase, Bobbitt invested $7,000 in merchandise for the store. The building and land for the store were leased by plaintiffs...

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