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MATTER OF LORRAINE CORP.

No. 7814SC699.

255 S.E.2d 260 (1979)

41 N.C. App. 563

In the Matter of the Foreclosure of the Deed of Trust Executed by LORRAINE CORPORATION and Southeastern Business College, Inc., Dated June 6, 1967, and Recorded in Book 808, Page 264, Durham County Registry to Wade H. Hargrove, Substitute Trustee for Small Business Administration. In the Matter of the Foreclosure of the Deed of Trust Executed by David W. STITH and Lorraine J. Stith, Recorded in Book 897, Page 304, Durham County Registry to Wade H. Hargrove, Substitute Trustee for Small Business Administration.

Court of Appeals of North Carolina.

June 5, 1979.

Attorney(s) appearing for the Case

U. S. Atty. H. M. Michaux, Jr. by Asst. U. S. Atty. Benjamin H. White, Jr., Greensboro, for appellee.

Malone, Johnson, DeJarmon & Spaulding by T. Mdodana Ringer, Jr., Durham, for appellants.

HARRY C. MARTIN, Judge.

We hold the first deed of trust was properly subject to foreclosure for default of payments. The trial court entered findings of fact that no payments were received by the SBA from 19 January 1976 until 17 March 1976 when SBA notified the grantors and guarantors that the loans were in default and had been accelerated. The findings of fact by a trial judge are conclusive on appeal if there is competent evidence in the record to support them...

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