Adams v. Cooper

MITCHELL, Chief Justice.

On or about 3 January 1989, One December Enterprises, Inc. (“One December”), purchased a restaurant located in Dare County from the plaintiff. One December made a cash down payment, assumed two notes which were secured by a first and second deed of trust, and executed a promissory note for the balance of the purchase price — in the principal amount of $156,330.71 — which was secured by a third deed of trust. Defendants signed the purchase money note, secured by the third deed of trust, as guarantors.

One December defaulted on its indebtedness to plaintiff, and the…