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BUSINESS BANK v. BEAVERS

Record No. 930527.

442 S.E.2d 644 (1994)

The BUSINESS BANK, et al. v. Charles R. BEAVERS, et al.

Supreme Court of Virginia.

April 15, 1994.

Attorney(s) appearing for the Case

William R. Marshall, Jr., Richmond (Manning, Davis & Kirby, on briefs), for appellants.

H. Clark Leming, Garrisonville (Michael E. Levy, Leming, Healy and Levy, on brief), for appellees Charles R. Beavers, Martha R. Beavers, David Allen Beavers, Janice Marlene Beavers, Randolph J. Butler and Bernadette T. Butler.

Nils G. Peterson, Front Royal, for appellee Federick M. Lacey, Jr.

Present: All the Justices.

WHITING, Justice.

In this dispute between lien creditors of real property, we decide whether purchase money deeds of trust have been subordinated to the lien of a deed of trust for an alleged bona fide land acquisition, development, and construction loan (ADC loan).

In 1988, three married couples owned separate but contiguous parcels of agricultural land in Stafford County: Charles R. and Martha R. Beavers owned 37.907914 acres; Randolph I. and Bernadette...

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