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ROSS REALTY CO. v. FIRST CITIZENS BANK & TRUST CO.

No. 7726SC679.

245 S.E.2d 404 (1978)

37 N.C. App. 33

ROSS REALTY COMPANY v. FIRST CITIZENS BANK & TRUST COMPANY, as Trustee of the Profit-Sharing Retirement Plan and Trust of Thermo Industries, Inc. and Affiliated Companies.

Court of Appeals of North Carolina.

June 20, 1978.

Attorney(s) appearing for the Case

Miller, Johnston, Taylor & Allison, by John B. Taylor and James W. Allison, Charlotte, for plaintiff appellee.

Ragsdale & Kirschbaum, by William L. Ragsdale, Raleigh, for defendant appellant.

HEDRICK, Judge.

The sole question presented on this appeal is whether G.S. 45-21.38 bars an action on a purchase money note for the full purchase price of real property. The pertinent statute, G.S. 45-21.38, provides:

Deficiency judgments abolished where mortgage represents part of purchase price.— In all sales of real property by mortgagees and/or trustees under powers of sale contained in any mortgage or deed of trust executed after February...

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