Bankruptcy – Real Property – Deed of Trust – Indebtedness – Personal Property – UCC FilingTobacco Square LLC v. Putnam County Bank The parties’ first deed of trust does not specifically identify the underlying debt. Since the complaint does not refer to it, the parties’ construction loan agreement – attached to the motion to dismiss – is not integral to the complaint. Thus, while the construction loan agreement may be properly considered at a later stage of this proceeding, it is not proper for the court to consider it at this stage. Accordingly, the debtor’s complaint plausibly alleges that the first deed of trust is invalid because it fails to adequately identify the obligation that it secures.
You have clicked on a link to
information that is
Already a paid subscriber but not registered for online access yet? For instructions on how to get premium web access, click here.
Interested in Subscribing?
Start by choosing how you'd like your news delivered.
- Print and Digital -
Try North Carolina Lawyers Weekly for a month
Published: November 5, 2012
Time posted: 5:52 pm