Mosler Ex Rel. Simon v. DRUID HILLS

STROUD, Judge.

This case presents the sole question of whether a mortgagor can raise the equitable defense of merger to prevent foreclosure in an action for foreclosure under power of sale pursuant to N.C. Gen. Stat. § 45-21.16 when the existence of all the conditions required under the statute is undisputed. Because we conclude that he cannot, we affirm.

I. Background

On or about 30 May 1997, petitioner Warren B. Mosler (“Mosler”) sold a tract of land, including a building, on Ashwood Road in Henderson County (“the property”) to Druid Hills Land Co. (“Druid Hills”). Michael L. Martin…