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Basil Trail v. Saunders

The appellee's payment of the debt underlying a security deed automatically extinguished it.

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This is an appeal from Basil Trail, who sought to levy upon a promissory note and security deed that had been issued to a third-party by appellee Larry G. Saunders but was paid in full prior to Trail’s levy efforts. The trial court granted summary judgment to Saunders and denied summary judgment to Trail, holding that any attempt by Trail to levy upon the promissory note and security deed were void as a matter of law. We affirm. Summary judgment is appropriate if there is no genuine issue as to any material fact and the moving party is entitled to judgment as a matter of law. OCGA § 9-11-56 c. We review de novo the record on appeal from the trial court’s grant or denial of summary judgment. Secured Equity Financial v. Washington Mut. Bank , 293 Ga. App. 50 666 SE2d 554 2008.

The undisputed facts show that on June 1, 2005, Saunders executed a promissory note in the amount of $280,000.00 in favor of a third-party, A. W. Carswell. Saunders contemporaneously executed in favor of Carswell a deed to secure debt, also dated June 1, 2005, to secure the indebtedness evidenced by the promissory note. The security deed was recorded in the Office of the Clerk of the Superior Court of Coffee County.

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