debt

Deeds of trust, no. 1.

A deed of trust is essentially an agreement between a lender and a borrower to give legal title to a property to a neutral third party who will serve as a trustee. The trustee holds the property until the borrower pays off the debt owed to the lender. During the period of repayment, the borrower keeps the actual or equitable title to the property and generally maintains full responsibility for the premises. The trustee, however, holds the legal title to the property and is empowered to sell the property to satisfy the debt if the borrower defaults.  (In that event, once the sale is complete, the trustee will distribute the proceeds between the borrower and the lender. The lender gets whatever funds are required to satisfy the debt, and the borrower receives anything in excess of that amount.)

Here are details of several deeds of trust filed in Wilson County:

  • Levi H. Peacock and his wife Hannah H. Peacock borrowed $65.88 at 6% interest from Kathleen Smith Grady to purchase a 53′ by 210′ lot with buildings on Ash Street adjacent to lots owned by O.L.W. Smith and others. The loan was due 1 January 1929. On 24 September 1928, trustee R.A. Grady filed a deed of trust that was recorded at Book 181, page 302. It carries a stamp noting thet the loan was paid in full and the deed cancelled on the due date.
  • Laura Reid and her husband H.S. Reid, Minnie Reid Creech and her husband M.C. Creech, Levi J. Reid, Hugh C. Reid, J. Harvey Reid and Walter Reid borrowed $1000 at 6% interest from A.O. Dickens to purchase 46 acres on New Raleigh Road and Contentnea Creek. Laura Reid had purchased the acreage, identified as Lot #5 of the plat at Plat Book 1, Page 24, from F.J. and Mattie Finch. Trustee Bryce Little filed a deed of trust that was recorded at Book 181, page 470. There is no indication that the loan was satisfied.

Plat Book 1, Page 24, “Division of J.D. Farrior Raleigh Road Farm Three Miles West of Wilson, N.C.,” 5 December 1916.

Lot #5 of the above plat.

The location of Laura Wilder Reid’s land today, out N.C. Highway 42 West, just past Forest Hills Road and just before Greenfield School.

  • W.M. King, J.H Neil and G.J. Branch, the trustees of “Mount Zion Holiness Church (colored)” borrowed $75 at 6% interest from J.T. Dew & Brothers to purchase a lot on the south side of Lodge Street on which a church building stood. The loan was due 14 April 1929. On 14 April 1928, trustee R.A. Grady filed a deed of trust that was recorded at Book 181, page 26. There is no indication that the loan was satisfied.
  • John Whitehead, Mat Turner and Alonzo Walker, the trustees of “Good Hope Missionary Baptist Church (colored)” borrowed $400 at 6% interest from R.A. Grady. (“Witnesseth: That whereas at a special meeting of the membership of Good Hope Missionary Baptist Church (colored) held on the 4th day of January 1929 … it was made to appear that in order to complete the church building now in the course of erection” and to pay the purchase price of the lot, they needed to borrow money. … F.F. Battle, Moderator, Mary Jones, Clerk.) The lot and church building were on Atlantic Street. The loan was due 10 January 1930. On 16 January 1929, trustee R.A. Grady filed a deed of trust that was recorded at Book 181, page 543. There is no indication that the loan was satisfied.

Bad debts.

Among the men whose debts to deceased Theophilus Grice were listed in an inventory of his assets were these free men of color — Lewis Artis, Thomas Ayers, Richard Artis and Jacob Artis. (Actually, Thomas Ayers’ ethnicity is ambiguous. He may have been white, but appears to have been closely related to free colored Ayerses in the county.) All likely were close neighbors of Grice in the area around Bloomery Swamp in western Wilson (then Nash) County.

Lewis Artis owed for two loans — $17.00 incurred in 1806, and $13.05 incurred in 1808. Thomas Ayers had owed $29.79 since 1818. Richard Artis owed $15.84 since 1819. Jacob Artis had owed $14.56 since 1810. All the debts were described as “desperate” and were unlikely to be recovered.

007384023_01018

Images of estate documents available at North Carolina Wills and Estates, 1665-1998 [database on-line], http://www.ancestry.com.

Shaw secures a debt.

To secure debt of $54.55 and an additional loan of $100, Spencer S. Shaw agreed in the event of default to convey to Hawley & Revell an iron gray mule, a Hackney top buggy, five hogs, a one-horse wagon, and several farm tools.

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In the 1900 census of Springhill township, Wilson County: Spencer Shaw, 40, wife Tabitha, 41, and children George A., 17, James R., 11, Hattie, 9, Joeseph G., 6, Seth T., 5, and Albert S., 2.

In the 1910 census of Springhill township, Wilson County: on Wilson and Raleigh Branch Road, Spencer Shaw, 51, wife Bitha, 49, and children James R., 21, Joseph T., 16, Seth T.,14, Albert S., 11, Merlin S., 9, Willie H., 7, and Alice M., 5.

In the 1920 census of Springhill township, Wilson County: on Shaw Avenue on Springhill Road, farmer Spencer S. Shaw, 60; wife Bitha, 60; and children Albert, 22, Marlie, 19, Willie, 16, and Alice, 14.

Wilson Daily Times, 12 January 1920.

In the 1930 census of Springhill township, Wilson County: on Buckhorn Road, farmer Spencer S. Shaw, 70; wife Bitha J., 70; sons William H., 26, and Seth T., 34; daughter-in-law Georgeanna, 24; and grandchildren Alice M., 4, Seth T. Jr., 2, and Franklin S., 6 months.

Book 72, Page 292, Register of Deeds Office, Wilson County Courthouse, Wilson.

The collapse of the Vick empire.

A deed of trust is essentially an agreement between a lender and a borrower to give legal title to a property to a neutral third party who will serve as a trustee. The trustee holds the property until the borrower pays off the debt owed to the lender. During the period of repayment, the borrower keeps the actual or equitable title to the property and generally maintains full responsibility for the premises. The trustee, however, holds the legal title to the property and is empowered to sell the property to satisfy the debt if the borrower defaults.  Once the sale is complete, the trustee will distribute the proceeds between the borrower and the lender. The lender gets whatever funds are required to satisfy the debt, and the borrower receives anything in excess of that amount.

On a single day in April 1935, Samuel H. and Annie Washington Vick lost nearly all of their wealth, including their home. The Vicks were heavily in debt and had defaulted on their loans.  Trustee Mechanics and Farmers Bank, an offshoot of North Carolina Mutual Life Insurance Company (and one of a handful of black North Carolina banks to survive the Great Depression), offered dozens of their properties for sale. On 4 April 1935, as recorded in Deed Book 221, pages 333-341, Home Development Corporation purchased the following tracts — comprising 109 houses and lots, 4 additional vacant lots, and 2 large parcels — for $35,000:

  • Tract 1 — the house and lot at 310 [North] Pender Street.
  • Tract 2 — the house and lot at 313 [North] Pender Street.
  • Tract 2-A — the houses and lots at 401, 403, 407 and 409 Viola Street.
  • Tract 3 — “off of and south of Plank road [East Nash Street], adjoining the lands of Harry Clark and others.”
  • Tract 4 — a 19-room house on Vance Street. [This is likely the building that housed the Independent School.]
  • Tract 5-A — the house and lot at 714 East Viola Street.
  • Tract 5-B — the “Vick Home Place” at 622 East Green Street. [The Vicks regained title to this house, which remains in family hands today.]
  • Tract 5-C — the houses and an empty lot at 711, 713 and 717 East Green Street.
  • Tract 5-D — the house and lot at 716 East Green Street.
  • Tract 5-E — the house and lot at 703 East Green Street.
  • Tract 5-F — the house and lot at 709 East Green Street.
  • Tract 5-G — the houses and lots at 606, 608, 610, 612 and 614 East Vance Street.
  • Tract 5-H — the houses and lots at 630 and 632 East Vance Street.
  • Tract 5-I — the house and lot at 620 East Vance Street.
  • Tract 5-J — the house and lot at 624 East Vance Street.
  • Tract 5-K — the house and lot at 628 East Vance Street.
  • Tract 5-L — the houses and lots at 617 and 619 East Viola Street.
  • Tract 5-M — the houses and lots at 705 and 707 East Viola Street.
  • Tract 5-N — the house and lot at 623 Darden Alley [now Lane].
  • Tract 6 — the houses and lots at 701 and 703 East Vance Street.
  • Tract 7 — a 5820 square-foot lot on Viola Street.
  • Tract 8 — the house and lot at 508 East Green Street.
  • Tract 9 — the houses and lots at 509 and 511 [East] Green Street.
  • Tract 10 — the houses and lots at 503 and 505 [East] Green Street.
  • Tract 12 — the houses and lots at 529, 531 and 533 East Nash Street.
  • Tract 13 — the houses and lots at 543, 545, 547 and 549 East Nash Street.
  • Tract 25-A — the buildings and lots at 535, 537 and 539 East Nash Street.
  • Tract 25-B — the house and lot at 526 Smith Street.
  • Tract 25-C — the house and lot at 522 Smith Street.
  • Tract 25-D — the house and lot at 516 Smith Street.
  • Tract 25-E — the houses and lots at 523 and 525 Smith Street.
  • Tract 25-F — the houses and lots at 517 and 519 Smith Street.
  • Tract 14 — the house and lot at 518 East Nash Street.
  • Tract 15 — a 53′ by 153′ lot on Church Alley [now Street].
  • Tract 17 — the houses and lots at 402 and 404 Vick’s Alley [now Parker Lane].
  • Tract 18 — the house and lot at 503 South Spring [now Lodge] Street.
  • Tract 19 — a 7200 square-foot lot adjoining Louis Townsend, near Spring Street [now Lodge].
  • Tract 20 — the houses and lots at 406 and 408 Vick’s Alley [now Parker Lane].
  • Tract 21 — the houses and lots at 403, 405, 407 and 409 Vick’s Alley [now Parker Lane].
  • Tract 23 — the houses and lots at 206 and 208 South Manchester Street.
  • Tract 26-A — the houses and lots at 810 and 812 Elvie [formerly, Elliott] Street.
  • Tract 26-B — the house and lot at 1002 Elvie Street.
  • Tract 26-C — the houses and lots at 801 and 803 Elvie Street.
  • Tract 26-D — the house and lot at 811 Elvie Street.
  • Tract 26-E — the house and lot at 908 Elvie Street.
  • Tract 27 — the house and lot at 607 Stantonsburg Street [now Pender Street S.E.]
  • Tract 28 — the house and lot at 600 Stantonsburg Street [now Pender Street S.E.]
  • Tract 29 — the houses and lots at 213, 215 and 217 Stantonsburg Street [now Pender Street S.E.]
  • Tract 31-A — the houses and lots at 903 and 907 Mercer Street.
  • Tract 31-B — the house and lot at 915 Mercer Street.
  • Tract 32 — a lot on Sugg[s] Street.
  • Tract 33 — the house and lot at 700 Suggs Street.
  • Tract 34-A — the house and lot at 309 Hackney Street.
  • Tract 34-B — the houses and lots at 305 and 307 Hackney Street.
  • Tract 35-A — the house and lot at 617 Darden Alley [Lane].
  • Tract 35-B — the house and lot at 623 Darden Alley [Lane].
  • Tract 37 — the houses and lots at 109, 111, 113, 115, 117 and 201 East Street.
  • Tract 38 — the houses and lots at 108 and 110 Ashe Street.
  • Tract 39 — the houses and lots at 114, 116 and 118 East Street.
  • Tract 40 — 40 acres in Wilson township.
  • Tract 42 — the houses and lots at 400, 402 and 404 Hines Street.
  • Tract 43 — the houses and lots at 500 and 502 East Vance Street.
  • Tract 44 — the house and lot at 712 East Vance and the adjoining lot.
  • Tract 45 — the house and lot at 603 Darden Alley [Lane].
  • Tract 46 — the house and lot at 504 [North] Vick Street.
  • Tract 47 — the house and lot at 504 Stantonsburg Street [now Pender Street S.E.]
  • Tract 48 — the house and lot at 515 Stantonsburg Street [now Pender Street S.E.]
  • Tract 49 — the house and lot at 201 Stantonsburg Street [now Pender Street S.E.]
  • Tract 16 — the house and lot at 519 Church Street.

Separate deeds filed the same day showed the transfer of (1) a 50-acre subdivided parcel (minus several dozen lots already sold) from trustee E.R. Merrick to Home Development Corporation for $3500 (Deed Book 221, page 332), and (2) 7 lots on Suggs, Vick, Church and Viola Streets from trustee R.L. McDougald to Home Development Corporation for $6000 (Deed Book 221, page 331). Both transactions involved land the Vicks had borrowed against.

Marked with red asterisks, this roughly six-block area shows the locations of 34 properties held in trust by Merchants and Farmers Bank and sold on 4 April 1935. Many were small shotgun houses built for rental to working-class families. Excerpt from page 32 of the 1922 Sanborn fire insurance map of Wilson, N.C. 

Levied.

Wilson N.C. Sept 26th 1860

Mr A.J. Brown, Dear Sir you will take notice that  I have this day Levied a Judgment and Execution against you in favor of B.H. Bardin & J.G. Thomas. Levied upon the following articles, vis: one negro Boy Adam also upon a negro woman named Lucy also upon a lott containing half acre more or less with a dweling House & printing Office ocupyed by E.P. Tuck & other out Houses on said lott, adjoining J.H. Adams & the M.E. church lott & is a corner lott which I shall return to the next term of the county court of pleas and quarter sessions to be held in the Town of Wilson. Served a true copy of the above upon A.J. Brown this Oct 13th day A.D. 1860 F.W. Taylor Constable

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In the 1860 census of the Town of Wilson, Wilson County:

  • A.J. [Arthur J.] Brown, a 21 year-old merchant who claimed $6980 in personal property and reported owning four people — a 26 year-old male, a 21 year-old female, a 15 year-old male, and a 2 year-old female — in the 1860 slave schedule.
  • B.H. [Benjamin Howell] Bardin, a 34 year-old farmer who claimed $12,800 in real property and $42,500 in personal property, including the 21 slaves he reported in the 1860 slave schedule.

Records of Slaves and Free People of Color, Miscellaneous Records, Wilson County Records, North Carolina State Archives.