LAW
For Laypersons
(Written by Charles E. Friend,
Professor of Law, Campbell College
School of Law for the North
Carolina Academy of Trial Lawyers
and distributed as a public service. I
CHECKS. Part I
Most of us write checks almost
every day. Our biggest problem
with them is either getting our
checking account to agree with the
monthly bank statement or keeping
enough money in our account to
pay the checks we write. Although
we often take them for granted,
checks are not as simple as we
might think, and a good deal of
complicated law has grown about
them.
Suppose you used a check to pay
for a Whimmydiddle which you
ordered through the mail. You
signed your check drawn on your
hometown bank and made it
payable to the order of Whimmy
aiaaic suppliers, inc.. the seller.
Ordinarily, you would receive the
Whimmydiddle in the mail a week
later and at the end of the month
find your cancelled check in the
statement mailed to you by your
bank.
Instead of receiving the Whim
mydiddle by mail, wouldn't you be
surprised if the president of Whim
nndiddle Suppliers. Inc.. appeared
a week later on your doorstep, gave
you the Whimmydiddle. and then
presented you with your uncancell
ed check, saying. "I have come to
get payment on this check which
you wrote to my company." In your
surprise, you might begin to think
whether you had enough money in
the house to pay the check in cash.
If you had a chance to think about
it . however, you would probably tell
him in a rather heated manner that
IT REALLYWORKS.
HELP It jjL
WORK. T
J.H. AUSTIN
INSURANCE
SINCE 1950
AUTO ? FIRE? LIFE
CASUALTY
114 W. Edinborough Avenue Phone 875-3667
?flRRITy
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DISPOSABLE
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Available at most
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CARQUEST counterman
DIGITAL
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1 CAROUBST
RAINCHECK POLICY
. Every CAROuEST SOeciai IS ? Dona
Hat offer if wr sell out of in
Wvernseo item or fan to rece?ve
tne mercnanase we win issue a
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late or ice Ratncnectts ao not
aDOiv to items statea as cetng m
?miteo ouanntv we reserve tne
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or oerter value in the event tnat
our stocks of aaver nsed loeciats
oecome oetxeteo
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r
Good at participating carouest Auto Parts Stores through Dec 31 1979
AUTO PARTS
& EQUIPMENT
114 East Elwood
Raeford ? 875-4414
you didn't expect him to present
the check to you tor payment at all.
He should, of course, have gone to
your hometown bank and present
ed the check for payment there. At
the very least, he should have sent
the check to his own bank for
collection in the usual manner.
After all. verv few of us keep
enough cash in our homes to pay
any of the checks we write.
It the president of Whimmvdid
dle Suppliers. Inc.. still refused to
budge from your doorstep and even
threatened to sue you immediately
on your check, you need not worry .
North Carolina's Uniform Com
mercial Code does pro\ide that
when you sign a check, you make a
promise or contact that the presi
dent could enforce against you. The
promise, however, is that you will
pay the amount of the check only if
the check is first presented to your
hometown bank, if payment on it is
refused, and if you are given timely
notice of the nonpayment. Since
the president has not even present
ed the check t\> the hometown bank
to find out if payment is going to be
made, he cannot now enforce your
promise to pay the check.
When you write a check, you arc
not promising to pay money to a
seller of goods or services. You are.
however, ordering your bank to pay
the money out of your account at
the bank. Your seller cannot sue
you on your check until he has been
refused payment of the check by
your bank and he has given you
notice of the nonpayment.
"This article is printed us a mutter
i >1 general interest only. It is inn to
he construed us legal advice, and
yon should not rely on the state
ments made in the article to govern
your actions in any s/teci/ic case. It
vi >n haw a particular question or
problem, yon should contact an
attorney. "
Raeford Native Promoted
Burlington Industries has an
nounced the promotions of James
Guin, a native of Raeford, and two
other men in area and division
positions in Greensboro.
Guin, previously personnel
manager at the Ramseur plant in
Randolph County, has been pro
moted to personnel manager tor
the spun division of Klopman.
Edwin H. Jackson has been pro
moted to area personnel executive
for the company's Menswear and
Industrial Fabrics division's. P.D.
Ostwalt has been promoted to per
sonnel manager for the Klopman
division's textured woven opera
tions. succeeding Jackson.
Jackson had served in the Klop
man division personnel post since
F amily Dollar Sales ,
Earnings Record
Family Dollar Stores, Inc.. has
reported all time record high sales
and earnings tor the fiscal year
ended Aug. .11 and tor the fourth
quarter of fiscal
Sales tor the fiscal year ended
Aug. 31 were $151,834,382. re
presenting a 29% increase above
sales of SI 17.521,340 for fiscal
l^S. Net income for fiscal I971)
was S"\ 737.303. or 2b?i. above net
income of $b. 151. 345 a year ago.
and earnings per share were SI. 92
as compared with SI. 54 for fiscal
I ?T8.
The company also reported that
the fourth quarter of fiscal 1974
produced the highest sales and
earnings of any fourth quarter in
the Company's history. Sales for
the quarter ended Aug. 31. reached
S42.042.955. with net income ot
$2,054,355 or 51 cents per share, as
compared to sales of $31,851,385.
net income of $l.b55.7()H and
earnings per share of 41 cents for
the fourth quarter of fiscal 1978.
The fourth quarter results mark the
I~th consecutive quarter of record
sales and earnings on a comparable
basis.
In releasing the results of opera
tions. the board of directors of the
company also declared a regular
quarterly cash divident on the
company's common stock of 10
cents per share payable Jan. 14.
1^80. to holders of record at the
close of business on Dec. 13.
Leon Levine. chairman of the
board, attributed the record results
for the year to the company's
continuing ability to maintain bud
geted profit margins and effectively
control costs, while at the same
time recording substantial gains in
sales.
In reporting the record operating
results. Levine called fiscal 1979 -?
Family Dollar's 20th anniversary
year -- the best and most eventful
year in the company's history.
In addition to the record sales
and earnings, the year was high
lighted by the opening of 7h new
stores, including 40 stores whose
leases and merchandise inventories
were acquired from another chain
in late March, the opening of the
first stores in Florida, the increase
of cash dividends declared per
share of common stock by 29%
over the prior fiscal year's divi
dends. and the original listing of
the company's common stock for
trading on the New York Stock
Exchange.
The company further announced
plans to open approximately 35
new stores in fiscal 19X0. to bring
the number of stores in operation
by Aug. 31 . to approximately 415.
Levine noted that such plans are
subject to developing economic
conditions, including the possible
impact on the company of slow
downs in consumer spending. In
commenting on fiscal 1980. Levine
stated that the company was bud
geting on a more conservative basis
in view of the uncertain outlook for
the general economy.
As of Nov. 7. the company had
opened three stores since Sept. 1
and expects to open an additional
10 stores before Dec. 15.
cteal
Estate
By BOBBY CARTER REALTOR
Hoke Realty Company
VACATION HOUSE & TAX DEFERMENT
Among the benefits of being a homeowner are the unique tax
advantages available. One of them to be wary of is the provision
which allows you to defer paying income tax on any profit
made from the sale of your home if you buy a more expensive
one within a certain amount of time. It does not apply in all
racoc
For example, if you sell a vacation home at a $2,000 profit
and promptly buy a much more expensive price, can you defer
paying the income tax on the profit? The answer is no!
This tax break is available only when both the house sold and
the house purchased serve as your principal residence. A vaca
tion house doesn't qualify. However, if you owned the dwelling
for more than the required time to allow the profit to be taxed
as long term capital gains (nine months during calendar year
1977 and one year after that), the $2,000 profit would only be
taxes at half the normal rate.
If there is anything We can do to help you in the field of real
estate, please phone or drop In at HOKE REALTORS. 515 Har
ris Ave.. Raeford. Phone: 875-8102. We're here to help!
1976. A native of Gasionia, he
joined Burlington after graduation
from Catawba College in 1956. He
held a number of plant and divi
sion positions before joining the
Burlington House Fabrics division
as personnel manager in 1969.
Ostwalt is a native of Iredell
County and was graduated from
Appalachian State University in
1955. He was in public school
education for several years, serving
as school principal in St. Pauls
I -
before joining Burlington in 1959.
He held personnel posts in several
locations before being named to
the Klopman spun division person-^
nel post. *
Guin is a native of Raeford and
received his bachelor's degree from
N.C. State University. He taught
high school in Greensboro and
joined Burlington in 1970. He was
plant personnel manager uu
Ramseur prior to being promoted
to the Klopman division post.
MJT
Thursday, December 6. 1979
Read 2 Corinthians 1:3-7
"Lo, I am with you alway. even
unto the end of the world."
(Matthew 28:20)
Mrs. Jones is a very old lady who
has lost her only remaining child
and now alone in the world. I was
trying to comfort her when I
remembered a game we had played
with our two children when they
were small.
We had moved to a city far from
where the children had friends and
relatives. For a while thev could not
seem to find friends and felt lost.
We started making a list of those
we knew loved and missed them.
We would say, "Let's count the
people you love and those who
love you. There's David and Bill
and Aunt Ruth.'' We named all wc
could and built up to the end with
the most important: "best of all,
. . f i- iii?
God lives you!"
The sense of security the
children gained by pulling the
warm blanket of human love about
them and covering it with GodV<
love calmed their troubled hearts."
Mrs. Jones and 1 played that
game. We listed the nurses and the:
church circle ladies, then reached;
the final point together: "and best;
of all. God lives you." She beamed.
As I left I realized that God i**
the one who will never leave us." |
even to the end.
PRAYKR.Be with us. Father . so
that even when things seem bleak,
we can feel Your comforting hand
upon us. Amen.
THOUGHT IOR I HI DAY '
No one who knows Jesus i^
friendless.
-copyright -THi: UPPER ROOM
-Mildred J. Speights
(Gainesville Georgia)
I
- w
Remember 1973 *
Couldn't Get
John Deere *
Tractors!
Order Your Tractors
For 1980 Now! 4
Try is we do. we just c.in't keep up with the de
mand for John Deere tr.ictors! Most of our trie
tors .ire sold before they -ire shipped to us. As .i
result some farmers m.iy buy n br.ind X trictor. ^
Don't let this hippen to you Insteid order
your John Deere tr.ictors tod.iy1
PARKER
EQUIPMENT CO.
Hwy. 20 West, Lumber Bridge, N.C.
Phone 919-875-5224
Clearly Th? Big Le?de< ..
In Largo Row Crop
Tractor*1
Hwy. 401 Bypass
Laurinburg, N.C.
Phone 919-276-8396