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C.C. MANGUM, INC. v. BROWN

No. COA96-239.

478 S.E.2d 245 (1996)

C.C. MANGUM, INC., Plaintiff-Appellant, v. C.K. BROWN, Jr., Defendant-Appellee.

Court of Appeals of North Carolina.

December 3, 1996.

Attorney(s) appearing for the Case

Wood & Francis, P.L.L.C. by Brent E. Wood, Raleigh, for plaintiff-appellant.

Womble, Carlyle, Sandridge & Rice, P.L.L.C. by Jerry S. Alvis and Johnny M. Loper, Raleigh, for defendant-appellee.

WYNN, Judge.

In December 1988, Claridge Development Corporation ("Claridge") executed a deed of trust in favor of Southern National Bank of North Carolina ("SNB") in the amount of $1,554,025 ("the first SNB deed of trust") covering five tracts of land (Tracts I-V). In May 1990, Claridge executed another deed of trust in favor of SNB for $776,584.87 ("the second SNB deed of trust") covering the same five tracts of land plus tracts VI and VII.

Between the execution...

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