Brissett v. First Mount Vernon Industrial Loan Ass'n

McCullough, Judge.

Courtnay T. Brissett (“C. Brissett”), Ladwin Brissett (“L. Brissett”) (together “plaintiffs”), and Brissett Rental Properties, LLC (the “rental company”), appeal from-judgment filed 13 September 2012. For the following reasons, we find no error in part and reverse in part.

I. Background

In late 2004 and early 2005, plaintiffs purchased a number of distressed residential properties in New Bern, North Carolina as rental properties. Thereafter, at the advice of a CPA, plaintiffs had an attorney set up the rental company to hold the properties.

In late 2005, plaintiffs decided to…