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JOHNSON v. SCHULTZ

No. COA08-133.

671 S.E.2d 559 (2009)

William Wood JOHNSON and wife, Suzanne Wayne Johnson, Plaintiffs v. Timothy P. SCHULTZ and wife, Shelley D. Schultz, Donald A. Parker, Jerry Halbrook, Trustee, and State Farm Bank, F.S.B., Defendants.

Court of Appeals of North Carolina.

February 3, 2009.

Attorney(s) appearing for the Case

Woodruff, Reece & Fortner, by Gordon C. Woodruff, Smithfield, for plaintiff-appellants.

Pendergrass Law Firm, PLLC, by James K. Pendergrass, Jr., Raleigh, for defendant-appellees.

Horack Talley Pharr & Lowndes, P.A., by Robert B. McNeill and Phillip E. Lewis, Charlotte, amicus curiae for The North Carolina Land Title Association.

Katherine Jean and David R. Johnson, amicus curiae for The North Carolina State Bar.

HUNTER, ROBERT C., Judge.

In this case we consider who, between buyer and seller, bears the risk of loss in a residential real estate sale where the attorney who handled the closing misappropriated the remaining sales proceeds owed to the sellers from his trust account.1 The trial court resolved this issue against plaintiff-sellers, William Wood Johnson and Suzanne Wayne Johnson ("the Johnsons") on summary judgment. After careful review...

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