Harmon v. Bank of Danville

Sanders, Chief Judge:

This is an appeal from an order of the Circuit Court establishing the principal amount owed by appellant Beaufort Development General Partnership on a note and mortgage to respondent Forrest L. Harmon. We reverse and remand.

This case was first heard by a special referee who found, among other things, that: (1) the mortgage did not secure future advances; (2) Mr. Harmon was entitled to have the interest due compounded annually; and (3) the principal amount owed was $21,000. Both Beaufort Development and Mr. Harmon appealed these findings to the Circuit Court.

The Circuit…