Friday, December 22, 2006, 8:01 PM

NC SCT Splits 4-3 In Two Cases Alleging Usury

Yesterday the NC SCT issued two close decisions in cases alleging usurious loan origination fees. The Court Split 4-3 in both cases. In one case the Court held that NC courts lack personal jurisdiction over a nonresident trust that has no connections to this state other than holding mortgage loans secured by deeds of trust on NC property. (NC Attorney General Roy Cooper has announced he's seeking reconsideration of that decision on behalf of the State, even though the State isn't a party in the case.) In the other case the Court held that claims were barred by the statute of limitations. In both cases the dissents were written by Justice Timmons-Goodson and joined by Justices Martin and Edmunds. Both cases had produced split decisions in the COA, with Judge Bryant dissenting in both.

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