Heard in the Court of Appeals: November 5, 2014.
Howard, Stallings, From & Hutson, P.A., by John N. Hutson, Jr. and Michael A. Burger, for Plaintiff-Appellee.
Harris Sarratt & Hodges, LLP, by H. Clay Hodges, for Defendant-Appellant.
DILLON, Judge. Judges BRYANT and DIETZ concur.
Appeal by Defendant Mounib Aoun from order entered 30 October 2013 by Judge R. Allen Baddour in Wake County Superior Court,
No. 12 CVS 14555.
In 2008, Plaintiff Branch Banking and Trust Company (" Bank" ) made a loan (" Loan" ) to Garrett Enterprise, LLC (" Borrower-LLC" ) for a real estate project in Durham. The Loan was in the principal
amount of $1,675,000.00 and was secured by the Durham real estate (" the Property" ).
The Bank entered into separate guaranty agreements with the eight individual Defendants (" Guarantors" ) - including Mounib Aoun (" Appellant" ) - to guaranty the Loan. The guaranty agreement executed by Appellant limited his liability to $418,750.00, plus interest, costs, and fees.
By 2012, the Loan was in default with over $1.4 million still owing, and the Bank foreclosed on the Property. At the foreclosure sale, the Bank was the sole bidder, purchasing the Property for $800,000.00. After the net proceeds from the foreclosure sale were applied, a deficiency of approximately $700,000.00 remained on the Loan debt.
Following the foreclosure sale, the Bank commenced this action against the Borrower-LLC and the eight Guarantors to collect the deficiency. Appellant and the other Defendants filed responsive pleadings.
The Bank voluntarily dismissed all claims against the Borrower-LLC and filed a motion for summary judgment against the Guarantors. Following a hearing on the matter, the trial court entered an order granting summary judgment in favor of the Bank against all eight ...