First Citizens Bank & Trust Co. v. Martin

WELLS, Judge.

The first question we consider is whether defendants, who were makers of the promissory note but who did not pledge any collateral as security, may raise the one-year statute of limitations under G.S. 1-54(6) as a bar to plaintiff’s action for a deficiency. G.S. 1-54 provides that an action must be brought within one year, “(6) For a deficiency judgment on any debt, promissory note, bond or other evidence of indebtedness after the foreclosure of a mortgage or deed of trust on real estate securing such debt, [or] promissory note. . . .” In the present action the plaintiff bank has…