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

No. 93.

250 S.E.2d 271 (1979)

296 N.C. 366

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.

Supreme Court of North Carolina.

January 4, 1979.

Attorney(s) appearing for the Case

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

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

Weinstein, Sturges, Odom, Bigger, Jonas & Campbell, by Maurice A. Weinstein, T. LaFontine Odom and L. Holmes Eleazer, Jr., Charlotte, amicus curiae brief, for Henderson Belk.

Seay, Rouse, Johnson & Harvey, by James L. Seay and Ronald H. Garber, and Sanford, Adams, McCullough & Beard, by J. Allen Adams, E. D. Gaskins, Jr., and Catharine B. Arrowood, Raleigh, amicus curiae brief, for Lee A. Debnam and Algie Stephens.

BRITT, Justice.

Defendant contends the Court of Appeals erred in affirming the trial court's conclusion of law that the provisions of G.S. 45-21.38 are inapplicable to the subject matter of this action and in entering judgment based on that conclusion. We think the contention has merit.

G.S. 45-21.38 provides in pertinent part as follows:

"Deficiency judgments abolished where mortgage represents part of purchase price.—In all sales of real...

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