MATTER OF OWEN

No. 8210SC630.

303 S.E.2d 351 (1983)

In the Matter of the Foreclosure of the Deed of Trust of J.R. OWEN, Sr., and Wife, Mildred M. Owen.

Court of Appeals of North Carolina.

June 7, 1983.


Attorney(s) appearing for the Case

Morgan, Bryan, Jones & Johnson by Robert B. Morgan, Lillington, for respondents-appellants.

Blackburn & Gammon by James L. Blackburn and Richard R. Gammon, Raleigh, for petitioner-appellee.


BECTON, Judge.

I

This case concerns the validity of a promissory note secured by a deed of trust, when one of the signers of the note and deed of trust was not involved in the underlying transaction. The question presented is whether forbearance to levy on a bank account owned by both promisors on the note and deed of trust constitutes consideration adequate to support foreclosure on the trust property pursuant to the terms of the note and deed.

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