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  5. 339 S.E.2d 854 (1986)
 

MATTER OF OTTER POND INVESTMENT GROUP LTD.

No. 8520SC822.

339 S.E.2d 854 (1986)

In the Matter of the Foreclosure of a Deed of Trust Executed by OTTER POND INVESTMENT GROUP, LIMITED, Dated August 31, 1983, recorded in Book 358, Page 422, Moore County Registry, by J. Allen Harrington, Trustee.

Court of Appeals of North Carolina.

March 4, 1986.

Attorney(s) appearing for the Case

Harrington & Gilleland by J. Allen Harrington, Sanford, for petitioners-appellees.

Thigpen & Evans by John B. Evans, Pinehurst, for respondent-appellant Otter Pond Inv. Group, Ltd.

PHILLIPS, Judge.

This foreclosure proceeding to sell real property is based on the failure of Otter Pond Investment Group, Limited to pay its $2,500,000 secured note when due. The proceeding progressed in due course and when the secured realty was first offered for sale the debtor-mortgagor ended up as the highest bidder at a price of $2,336,300, in support of which it deposited $111,300 with the Clerk of Superior Court. But Otter Pond thereafter refused to complete...

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