BORG-WARNER ACCEPTANCE CORP. v. DAVID

No. 7612SC665.

232 S.E.2d 867 (1977)

32 N.C. App. 559

BORG-WARNER ACCEPTANCE CORPORATION v. Edward J. DAVID.

Court of Appeals of North Carolina.

March 16, 1977.


Attorney(s) appearing for the Case

Tally & Tally by John C. Tally, Fayetteville, for plaintiff-appellee.

Downing, David, Vallery & Maxwell by Edward J. David, Fayetteville, for defendant-appellant.


PARKER, Judge.

The determinative question is whether the trial court was correct in its conclusion that the 10 November 1972 agreement was a lease rather than a security agreement. We hold that it was.

The instrument on its face is designated a lease in which plaintiff is named as lessor and Key, Inc., is named as lessee. It is for a fixed term of 60 months and specifies the amount of the monthly rental payments to be made by the lessee to the lessor. In addition...

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