LAKE COLONY CONST., INC. v. BOYD

No. COA10-959.

711 S.E.2d 742 (2011)

LAKE COLONY CONSTRUCTION, INC., Plaintiff, v. William Richard BOYD, Jr., Substitute Trustee, Deed of Trust recorded in Book 1671, at Page 675 in the office of the Register of Deeds of Jackson County, NC; Marcia J. Ringle, Trustee, Deed of Trust recorded in Book 1562, at Page 766, in the Register of Deeds of Jackson County, NC; Macon Bank, Inc.; Lake Colony Partners, LLC; Peter A. Paul, Trustee, Deed of Trust recorded in Book 1671, Page 683 in the office of the Register of Deeds in Jackson County, NC; and Big Ridge Partners, LLC, Defendants.

Court of Appeals of North Carolina.

June 7, 2011.


Attorney(s) appearing for the Case

Hunter, Large & Sherrill, PLLC, Sylva, by Diane E. Sherrill , for plaintiff-appellant.

Roberts & Stevens, P.A., Asheville, by Mark C. Kurdys , for defendants-appellees William Richard Boyd, Jr., Marcia J. Ringle, and Macon Bank, Inc.


GEER, Judge.

Plaintiff Lake Colony Construction, Inc. appeals from a judgment determining that it entered into a joint venture with defendant Lake Colony Partners, LLC and, therefore, was solely a judgment creditor whose rights to the proceeds from certain real property were subordinate to three deeds of trust. Because the parties' contract expressly stated the parties' intent to form a "joint venture" and further provided for the sharing of profits and that each...

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