First Carolina National Bank v. A & S Enterprises, Inc.

Littlejohn, Justice:

Prior to the commencement of this action, the Defendant-Appellant, A & S Enterprises, Inc. (Mortgagor) executed and *592delivered to the Plaintiff-Respondent, First Carolina National Bank (Mortgagee) certain promissory notes and security agreements covering items of personal property located in five counties. The personal property upon which the lien was created was inventory, machinery, equipment, furniture, fixtures, etc. used incident to business enterprises.

The Complaint alleges that the Mortgagor is in default and that the Mortgagee is entitled to immediate possession of…