Merritt v. Ridge

WELLS, Judge.

The principal question presented is whether North Carolina’s Anti-Deficiency Judgment statute, N.C. Gen. Stat. § 45-21.38, bars a purchase-money mortgagee from recovering from a defaulting purchase-money mortgagor attorney’s fees and the expenses of foreclosure, including the trustee’s commission, where such recovery was expressly provided for in the promissory notes executed by the parties. Plaintiffs contend that this question was squarely addressed and resolved in Reavis v. Ecological Development, Inc., 53 N.C. App. 496, 281 S.E. 2d 78 (1981). In Reavis, as in the present…