Tag: bona fide purchaser

N.C. Court of Appeals: REO Properties v. Smith- Constructive Notice of Lis Pendens

Summary:

In 1986, the Smiths acquired title to Lot #184 of Crestview Subdivision, 106 Crestview Terrace, in Davidson County, Thomasville, North Carolina (“the property”) and recorded the Deed. The Smiths executed a promissory note in the principal amount of $96,000 (“the Note”) to New Century Mortgage Corporation (“New Century”) secured by a Deed of Trust on the property that was recorded on 16 December 2002. The Deed of Trust included the correct address of the property as 106 Crestview Terrace, Thomasville, North Carolina, the legal description attached to the Deed of Trust did not, however, fully and completely describe the property.… Read More

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N.C. Court of Appeals: BB&T v. Teague & Glover- Priority of Reformed Deed of Trust against Bona Fide Purchaser

Summary:

While working as a bookkeeper for Teague & Glover, P.A., (T&G) Ms.  Gibbs embezzled substantial amounts.  In addition to criminal prosecution and imprisonment, in 2010, T&G obtained a civil judgment against Mr.  and Mrs.  Gibbs for $800,000.  T&G subsequently agreed to accept all of the Gibbses real and personal property in exchange for a reduction in the amount of the judgment.

The property at issue in the present dispute consists of Tract A (0.6 acres) and Tract B (0.7 acres and the Gibbses primary residence).  In 1999 and 2005, the Gibbses had granted BB&T a Deed of Trust against both tracts, but in 2009 they refinanced with the new Deed of Trust being secured only by Tract A. … Read More

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