Anthony Marano Co. v. Jones

ELMORE, Judge.

To secure a debt, Phillip Jones (defendant) executed a mortgage in favor of Anthony Maraño Company (appellee) on certain real property in Cleveland County, North Carolina (the property) on 16 June 1992. The mortgage was recorded in the Cleveland County Registry on 26 June 1992. On 21 October 1993, defendant and appellee executed a demand note (second note), changing the terms of the original debt obligation by reducing the interest rate. As of our hearing of this case, the mortgage remained unpaid.

On 16 August 1996, Paul and Sandra Bitter (appellants) obtained a judgment against…