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NC Court of Appeals
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The Longphres loaned KT Financial $330,000 by two separate promissory notes with 30% interest and specified â[a]ll accrued interest and unpaid principalâ was due one year after the notes were executed. The notes also allowed the Longphres to collect attorney's fees pursuant to N.C.G.S. § 6-21.2 if KT Financial defaulted. Â
Surprise twist-Â KT Financial defaulted.
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Paul and Anita Richardson purchased a 1.26 acre tract of land ("main property") from Old Fort Golf Course in 1962 and then in 1978 purchase two adjacent parcels consisting of 0.181 acres and 0.009 acres ("adjacent properties"). All three parcels had the same mailing address and tax parcel identification number.
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Mr. Kalebich was the General Manager for Duke Recycling and, in the course of his duties, on November 3, 2016, signed a guaranty for financing from Ascendum Machinery. Duke Recycling eventually failed and was liquidated. Ascendum then sued Kalebich for the $18,475.83 balance owed to it by Duke Recycling, alleging that he had executed the Guaranty in his individual capacity.