Connemara Corp. v. St. Andrews, L.L.C.

By Judge H. Harrison Braxton, Jr.

The Court heard demurrer argument on November 16,2006, and took the matter under advisement.

In 2001, the Bank of Northumberland opened a “Line of Credit” loan with St. Andrews, L.L.C., and secured the Line of Credit with a $350,000.00 Deed of Trust on 5.1 acres, existing or subsequently erected buildings, and appurtenances thereto. This was a straightforward business transaction. By agreement, a previous deed of trust held by Mr. and Mrs. Schillinger was subordinated to this Deed of Trust as was another Deed of Trust securing the Small Business Administration…