Legal Opinion
Druid Associates, Ltd. v. National Income Realty Trust
Court of Appeals of Georgia
Decided October 5, 1993No. A93A1583PublishedCited by 4 opinions
1Opinion of the Court
Johnson, Judge.
National Income Realty Trust (NIRT) (formerly Consolidated Capital Income Trust [CCIT]) sold property located at 963 Ponce de Leon Avenue, Atlanta, to Druid Associates, Ltd. in October 1984. NIRT financed the loan amount of $1.5 million, taking back a deed to secure the debt.
On January 1, 1989, Druid leased the property to Atlanta Cooperative Enterprises, Ltd. (ACE). ACE defaulted on payments to Druid for part of April 1989 and the months of May-December 1989 inclusive. Consequently Druid failed to make payments on the loan to NIRT and ultimately NIRT foreclosed on the property…
2Cases cited10 opinions
- Kennedy v. Gwinnett Commercial BankCourt of Appeals of Georgia · 1980
- Southern Railway Co. v. Malone Freight Lines, Inc.Court of Appeals of Georgia · 1985
- Franklin Mortgage Co. v. McDuffieCourt of Appeals of Georgia · 1931
- Bowery Savings Bank v. DeKalb CountySupreme Court of Georgia · 1978
- Bank of Danielsville v. SeagravesCourt of Appeals of Georgia · 1983
5 more not listed; retrieve them via the Exa API.
3Cited by4 opinions
- Gordon v. South Central Farm Credit, ACACourt of Appeals of Georgia · 1994
- Aames Funding Corp. v. HendersonCourt of Appeals of Georgia · 2005
- Coleman Road Associates, Ltd. v. CulpepperCourt of Appeals of Georgia · 1994
- Federal Home Loan Mortgage Corp. v. City of AtlantaSupreme Court of Georgia · 2009