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GUILFORD MILLS, INC. v. POWERS

No. 429PA89.

394 S.E.2d 145 (1990)

327 N.C. 279

GUILFORD MILLS, INC., a Delaware Corporation v. Helen A. POWERS, Secretary of Revenue of the State of North Carolina.

Supreme Court of North Carolina.

July 26, 1990.

Attorney(s) appearing for the Case

Floyd, Greeson, Allen and Jacobs by Jack W. Floyd and Robert V. Shaver, Jr., Greensboro, for plaintiff-appellant.

Lacy H. Thornburg, Atty. Gen. by Marilyn R. Mudge, Asst. Atty. Gen., Raleigh, for defendant-appellee.

WEBB, Justice.

The resolution of this case depends on whether the obligations of the factors to the plaintiff should be classified as accounts receivable under N.C.G.S. § 105-201 or as other evidence of debt under N.C.G.S. § 105-202. N.C.G.S. § 105-201 provides in part:

All accounts receivable on December 31 of each year, having a business, commercial or taxable situs in this State, other than credit balances on accounts with investment brokers...

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