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MATTER OF GREENLEAF CORP.

No. 8918SC852.

393 S.E.2d 563 (1990)

99 N.C. App. 489

In the Matter of the Foreclosure of the Deed of Trust and Security Agreement/Financing Statement executed by GREENLEAF CORP., a Texas Corporation, dated October 9, 1985 and recorded in Book 3465, Page 1700, Guilford Co. Registry, said land being known as property on West Friendly Ave., containing approximately 19.243 acres, more commonly referred to as Friendly Avenue Apartments as shown in Plat Book 79, Page 40, Guilford County Registry Under Foreclosure by Oliver W. Alphin, Substitute Trustee. YATES CONSTRUCTION COMPANY, INC. Petitioner, v. GREENLEAF CORP.; Oliver W. Alphin, Substitute Trustee; Champion Savings Association (Successor to First Savings Association of Orange); George Bank; C & D Concrete Contractors; Project Lighting, Inc.; WSI Drywall Company; Edward L. Council, Jr., Respondents. YATES CONSTRUCTION COMPANY, INC. Plaintiff, v. GREENLEAF CORP.; Oliver W. Alphin, Substitute Trustee; Champion Savings Association (Successor to First Savings Association of Orange); George Bank; C & D Concrete Contractors; Project Lighting, Inc.; WSI Drywall Company; Edward L. Council, Jr., Defendants, and Heights of Texas, F.S.B., Intervenor Defendant.

Court of Appeals of North Carolina.

July 17, 1990.

Attorney(s) appearing for the Case

Tuggle Duggins Meschan & Elrod, P.A. by David F. Meschan, Greensboro, for petitioner-appellant Yates Const. Co., Inc.

Osteen & Adams by J. Patrick Adams, Greensboro and Honigman Miller Schwartz and Cohn by Peter M. Alter and Antionette R. Raheem, Detroit, Mich., for respondent-appellee Heights of Texas, F.S.B.

JOHNSON, Judge.

This is an appeal by plaintiff of the grant of a motion of summary judgment in favor of Heights of Texas F.S.B. (Heights), a corporation which acquired the assets of Champion Savings Association through Champion's receiver.

On or about 9 October 1985, The Greenleaf Corporation (Greenleaf), a construction company, received a loan from First Savings Association of Orange which later became Champion Savings Association (Champion). The loan was...

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