North Carolina Lawyers Weekly

Jul 15, 2021

Statute of limitations didn’t start until promissory note was signed

A promissory note is executed on the date it is signed, regardless of the date appearing on the face of the document, the North Carolina Court of Appeals has […]

Nov 14, 2017

Contract – Negotiable Instruments – Promissory Note – Presentment & Dishonor – Prerequisites to Suit

Brungard v. Canestorp (Lawyers Weekly No. 012-171-17, 8 pp.) (Robert Hunter Jr., J.) Appealed from Craven County Superior Court (John Nobles Jr., J.) N.C. App. Unpub. Holding: The parties’ promissory […]

Sep 7, 2016

Contract – Promissory Note – Lender’s Loss of Note – Assignee – Guarantor – Unconscionability

Emerald Portfolio, LLC v. Outerbanks/Kinnakeet Associates, LLC (Lawyers Weekly No. 011-301-16, 14 pp.) (Valerie Zachary, J.) Appealed from Dare County Superior Court (Cy Grant, J.) N.C. App. Holding: Where the […]

Aug 12, 2015

Contract — Promissory Note – Borrower’s Discretion – Ambiguity

Odom v. Kelly (Lawyers Weekly No. 15-16-0785, 19 pp.) (Linda Stephens, J.) Appealed from Wake County Superior Court (Kendra Hill, J.) N.C. App. Unpub. Holding: Although a promissory note gives […]

Apr 23, 2014

Real Property – Mortgages – Promissory Note ‘Holder’ – Blank Indorsement – Property Address – Scrivener’s Error

In re Foreclosure of Reed (Lawyers Weekly No. 14-16-0362, 10 pp.) (Rick Elmore, J.) Appealed from Catawba County Superior Court (Timothy Kincaid, J.) N.C. App. Unpub. Holding: Even though the […]

Nov 20, 2013

Civil Practice – Default Judgment – Motion for Relief – Irregularity – Sufficient Allegations

Brown v. Cavit Sciences, Inc. Even though the basis for plaintiff’s claims against defendants was a $100,000 promissory note, the complaint’s allegations of breach of contract, breach of guaranty, fraudulent concealment, and unfair and deceptive trade practices, among others, support the trial court’s default judgment of $1,906,000. Therefore, the judgment is not irregular and is n[...]

Mar 27, 2013

Real Property – Mortgages — Foreclosure — ‘Holder’ – UCC

In re Foreclosure of Deed of Trust from Perry Where petitioner maintained possession of respondent’s original promissory note , and where the note was endorsed from the original lender to the order of petitioner, petitioner was the holder of the promissory note and entitled to enforce the instrument and seek foreclosure pursuant to G.S. § 45-21.16.

Jan 24, 2013

Contracts – Promissory Note – Default – Attorney Fees – Rules of Appellate Procedure – Notice of Appeal — Jurisdiction

JEMM, LLC v. Crawford Where a party seeking appeal fails to provide notice of the appeal to every party in the case, in violation of Rule 3 of the N.C. Rules of Appellate Procedure, the appeal is dismissed for lack of jurisdiction.

Nov 6, 2012

Bankruptcy – Avoidance Action – Guaranty – Sister Company – Aircraft

PTM Technologies, Inc. v. Carolina Bank Although the debtor did not receive any direct benefit when it guaranteed a promissory note for its sister company, the loan was used to buy an aircraft that was arguably used to promote the income stream that benefitted all related companies, including the debtor.

Sep 25, 2012

Civil Practice – Personal Jurisdiction – Real Property – Promissory Note – General Jurisdiction – Prior Litigation

Synovus Bank v. Schaur Even though an N.C. state court found that it had personal jurisdiction over the Michigan defendant, that action was voluntarily dismissed without prejudice; therefore, the court’s finding does not have collateral estoppel effect.

Sep 24, 2012

Civil Practice – Personal Jurisdiction – Real Property – Promissory Note – General Jurisdiction – Prior Litigation

Synovus Bank v. Schaur Even though an N.C. state court found that it had personal jurisdiction over the Michigan defendant, that action was voluntarily dismissed without prejudice; therefore, the court’s finding does not have collateral estoppel effect. Moreover, the state court litigation involved the original promissory note between the parties whereas this action involves a renewal p[...]

Sep 18, 2012

Contract – Unfair Trade Practices Claim – Commercial – Promissory Note – Banks & Banking

SunTrust Bank v. Bryant/Sutphin Properties, LLC Although defendants contended that the plaintiff-bank committed unfair practices separate from the parties’ contracts, in alleging these “separate” acts, defendants were really claiming that the bank acted outside of its authority under the contract; this is a breach of contract. Since the jury found that the bank had not breached the [...]