STAR FINANCIAL CORP. v. HOWARD NANCE CO.

No. COA98-286.

508 S.E.2d 534 (1998)

STAR FINANCIAL CORPORATION, Plaintiff, v. HOWARD NANCE COMPANY, Defendant.

Court of Appeals of North Carolina.

December 15, 1998.


Attorney(s) appearing for the Case

John E. Hodge, Jr., Charlotte, for plaintiff-appellant.

Perry, Patrick, Farmer & Michaux, P.A. by John H. Carmichael, Charlotte, for defendant-appellee.


HORTON, Judge.

The issue on appeal is whether the buyer under a contract to purchase real estate, who does not comply with the terms of the contract, may recover the amounts paid to the seller prior to the buyer's breach. North Carolina follows the common law rule, which is the majority American view, that a defaulting buyer may not recover any portion of consideration paid prior to his breach.

It is settled law that where a party agrees to purchase real...

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