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MATTER OF FORECLOSURE OF THE DEED OF TRUST

No. 56PA82.

293 S.E.2d 798 (1982)

In the Matter of the FORECLOSURE OF THE DEED OF TRUST EXECUTED BY Murray BONDER and Wife, Anne S. Bonder (Property now owned by Richard S. Robinson and wife, Irene K. Robinson) dated October 6, 1972, and recorded in Book 739, page 87, Johnston County Register of Deeds, Charles H. Young, Trustee.

Supreme Court of North Carolina.

August 3, 1982.

Attorney(s) appearing for the Case

Womble, Carlyle, Sandridge & Rice by A. L. Purrington, Jr., and H. Grady Barnhill, Jr., Raleigh, for petitioner-appellee.

Mast, Tew, Armstrong & Morris by George B. Mast and L. Lamar Armstrong, Jr., Smithfield, for respondents-appellants.

Brooks, Pierce, McLendon, Humphrey & Leonard by L. P. McClendon, Jr., Edward C. Winslow, III and Randall A. Underwood, Greensboro, amicus curiae for the North Carolina Savings and Loan League.

COPELAND, Justice.

The most significant issue precisely raised in this appeal is whether a savings and loan institution may demand full and present payment of the total outstanding amount of a loan secured by a deed of trust upon residential real estate if the borrowers breach their covenant in the deed not to convey the property without the institution's consent and then, in the event of the borrowers' failure to comply with the demand for payment, institute foreclosure...

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