North Carolina Federal Savings & Loan Ass'n v. DAV Corp.

Gregory, Chief Justice:

This case is before us on a writ of certiorari to the Court of Appeals to review its decision reported at 294 S. C. 27, 362 S. E. (2d) 308 (Ct. App. 1987). We reverse in part and affirm in part.

Respondent North Carolina Federal Savings and Loan Association commenced this action to foreclose on a note and mortgage given by Parasol Inn Joint Venture to finance the purchase of real property for a hotel condominium project. The joint venture is composed of appellant DAV Corporation and respondents NCF Financial Corporation and Parasol Development Corporation. NCF is a…