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KAVANAU REAL ESTATE TRUST v. DEBNAM

No. 89.

263 S.E.2d 595 (1980)

KAVANAU REAL ESTATE TRUST, Plaintiff Appellee, and The Bank of New York, Assignee of Plaintiff, v. Lee A. DEBNAM, a general partner of Yorktowne Village, Ltd., and Algie Stephens, a general partner of Yorktowne Village, Ltd., trading and doing business as Yorktowne Village, Ltd., a general partnership, Defendants Appellants.

Supreme Court of North Carolina.

March 5, 1980.

Attorney(s) appearing for the Case

Sanford, Adams, McCullough & Beard by J. Allen Adams, E. D. Gaskins, Jr. and Catharine B. Arrowood, Raleigh, for defendant-appellant Algie Stephens.

Seay, Rouse, Johnson, Harvey & Bolton by James L. Seay and Ronald H. Garber, Raleigh, for defendant-appellant Lee Debnam.

Newsom, Graham, Hedrick, Murray, Bryson & Kennon by Josiah S. Murray, III, Durham, for plaintiffs-appellees.

COPELAND, Justice.

Four issues have been presented for our consideration.

First, defendants complain that the Court of Appeals erred in holding that G.S. 45-21.38 (the anti-deficiency statute) does not bar an in personam suit and judgment on a purchase money note securing an assignment of a leasehold interest. The Court of Appeals so held because the anti-deficiency statute bars a suit for a deficiency judgment after foreclosure and bars suit on the...

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