In re the Foreclosure of the Deed of Trust of Blue Ridge Holdings Ltd. Partnership

MARTIN, Mark D., Judge.

Petitioner appeals from order of the trial court upholding the McDowell County Clerk of Court’s dismissal of its action to foreclose on a deed of trust.

Petitioner, Quinter, Inc. (Quinter) agreed to loan $40,000 to Blue Ridge Holdings Limited Partnership (Blue Ridge) in June, 1992. The purpose of the loan was to pay a commitment fee for a $4 million loan that Blue Ridge was negotiating with American Specialty Insurance Company (American) of Atlanta, Georgia. On 18 June 1992 Blue Ridge executed and delivered the promissory note (note) to Quinter in the amount of $41,750.…