Pinehurst, Inc. v. O'Leary Bros. Realty, Inc.

BECTON, Judge.

Each of the parties is engaged in selling or developing real estate in Moore County, particularly in the Pinehurst resort area. In December 1976 Timothy and Dennis O’Leary, the individual defendants who jointly own O’Leary Brothers Realty, Inc., bought a forty-acre tract of land which adjoins a tract of residential lots that plaintiff Pinehurst, Inc. (Pinehurst) was then selling.

The forty-acre tract was secured by the O’Learys’ note and deed of trust, and that note and deed of trust, along with the other assets of O’Leary Brothers Realty, Inc., were later conveyed to Pinehurst.…