North Carolina Lawyers Weekly
Lake Colony Construction, Inc. v. Boyd (Lawyers Weekly No. 11-07-0561, 23 pp.) (Martha A. Geer, J.) Appealed from Jackson County Superior Court (C. Phillip Ginn, J.) N.C. App. Click here for the full-text opinion.
Holding: A construction company’s business arrangement with a developer constituted a joint venture.
Plaintiff Lake Colony Construction, Inc. appeals from a judgment determining that it entered into a joint venture with defendant Lake Colony Partners, LLC and, therefore, was solely a judgment creditor whose rights to the proceeds from certain real property were subordinate to three deeds of trust. Because the parties’ contract expressly stated the parties’ intent to form a “joint venture” and further provided for the sharing of profits and that each had the right to direct the other’s conduct in some measure, we hold that the trial court properly construed the contract as establishing a joint venture.
Therefore, we affirm.
