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BARNABY v. BOARDMAN

No. 833SC594.

318 S.E.2d 907 (1984)

Neil BARNABY and Marina Village, Inc. v. Elbridge H. BOARDMAN and wife, Ruth R. Boardman and O.L. Graham, Trustee.

Court of Appeals of North Carolina.

September 4, 1984.

Attorney(s) appearing for the Case

Kenneth M. Kirkman, P.A. by John E. Wray, Jr., Morehead, for plaintiff-appellees.

Sumrell, Sugg & Carmichael by Fred M. Carmichael and Rudolph A. Ashton, III, New Bern, for defendant-appellants.

JOHNSON, Judge.

On or about 28 December 1978, plaintiff, Barnaby, purchased a tract of land located in the Cedar Island Township of Carteret County from defendants for $150,000.00. At the closing, Barnaby paid to the defendants the sum of $5,000.00, and executed a promissory note secured by a purchase money deed of trust which provided that:

Grantor shall be entitled, from time to time, to the release or subordination of certain portions of the property conveyed...

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