North Carolina Lawyers Weekly
Ussery v. Branch Banking & Trust Co. (Lawyers Weekly No. 15-06-0916, 25 pp.) (Paul Newby, J.) (Sam Ervin IV, J., not participating) Appealed from Richmond County Superior Court (W. David Lee, J.) On appeal from the Court of Appeals. N.C. S. Ct.
Holding: The plaintiff-borrower seeks to defeat a $425,000 promissory note based on purported misrepresentations by the bank about the availability of a government-backed loan. His claims against the defendant-bank are all premised on the allegation that the bank’s $425,000 loan to plaintiff was to be a bridge loan until plaintiff could obtain a loan from the Small Business Administration. However, plaintiff has admitted that, by the time he took out the $425,000 loan, he already knew that there would be no SBA loan.
Furthermore, plaintiff subsequently entered into several loan extension agreements in which he waived all defenses against the bank.
As to the issues before this court, the trial court properly granted summary judgment for the bank. We reverse the Court of Appeals’ decision to the contrary. The issue of the interest claim stated in the bank’s counterclaim is not before us; therefore, the Court of Appeals’ decision as to that issue (holding that the trial court erred in calculating the interest due) remains undisturbed. Remanded.
