Barnaby v. Boardman

MITCHELL, Justice.

This case presents questions concerning the proper interpretation of the anti-deficiency statute, N.C.G.S. 45-21.38.1 The *566controlling question on appeal is whether the holder of a promissory note given by a buyer to a seller for the purchase of land and secured by a deed of trust embracing such land may release his security and then sue on the note. We conclude that any such note holder must look exclusively to the property conveyed in seeking to recover any balance owed. He may not sue on the note. Accordingly, we reverse the decision of the Court of Appeals.

At the outset…