Merritt v. Ridge

MITCHELL, Justice.

The controlling issue in this case is whether the anti-deficiency statute, N.C.G.S. § 45-21.381, bars the holder of a purchase *332money promissory note given by a buyer of real property to the seller and secured by a purchase money deed of trust embracing the property from recovering the costs of foreclosure of the deed of trust and sale of the property and related attorneys’ fees. We conclude that the statute precludes such recovery. Accordingly, we reverse the decision of the Court of Appeals.

The facts are largely undisputed in this case. The record reveals that, on 26…