Talley v. Capital Bank & Trust Co.

ELLIS, Judge:

Plaintiffs Glyndol A. Talley and Susan G. Talley brought this suit against Capital Bank & Trust Company, Gerard Enterprises, Inc. and Bill Day Home Builder, Inc., alleging the following circumstances:

Plaintiff entered into a contract dated October 28, 1977, to purchase a lot and improvements thereon from Bill Day, which was to construct the improvements. Bill Day then made a construction loan with Capital Bank, secured by a mortgage on the subject property dated November 21, 1977. Plaintiffs recorded their purchase agreement on June 5, 1978. On August 16, 1978, Bill Day filed…