Sign In
Events
Newsletters
Search

Close

Close Search

Cancel

SEARCH
MY LAW.COMNEW

Holy Fellowship Church of God in Christ v. First Community Bank of Henry County

Even if the bank had previously accepted late payments on the church's security note, the church's.

X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

In this action to set aside a Deed Under Power, the trial court dismissed the amended complaint “unless Plaintiff pays the indebtedness of $32,022.85 within forty-five 45 days into the registry of the Court. . . .” We treat this as the grant of summary judgment.

The following undisputed chronology is relevant: In September 1996, appellant-plaintiff Holy Fellowship Church purchased real property on which it operated worship services and church activities. The conveyance was financed by appellee-defendant First Community Bank, which took back a deed to secure debt for the amount of $184,121.90. The Church expressly promised to pay the principal “ON DEMAND, BUT IF NO DEMAND IS MADE,” then the promissory note called for 34 installment payments of $2,003.46 followed by a balloon payment of $166,142.14. In August 1997, the Church entered into a Renewal Note with additional monies1 in the principal sum of $206,677.34, and modified the security deed to reflect this larger debt. The Renewal Note also was a demand note but in the absence of a demand contemplated 34 monthly payments of $2,317.79 commencing October 1, 1997, followed by a balloon payment of $186, 815.59.

Trending Stories

 
Reprints & Licensing
Mentioned in a Law.com story?

License our industry-leading legal content to extend your thought leadership and build your brand.

LEARN MORE

More From ALM

Premium Subscription
With this subscription you will receive unlimited access to high quality, online, on-demand premium content from well-respected faculty in the legal industry. This is perfect for attorneys licensed in multiple jurisdictions or for attorneys that have fulfilled their CLE requirement but need to access resourceful information for their practice areas.
View Now
Team Accounts
Our Team Account subscription service is for legal teams of four or more attorneys. Each attorney is granted unlimited access to high quality, on-demand premium content from well-respected faculty in the legal industry along with administrative access to easily manage CLE for the entire team.
View Now
Bundle Subscriptions
Gain access to some of the most knowledgeable and experienced attorneys with our 2 bundle options! Our Compliance bundles are curated by CLE Counselors and include current legal topics and challenges within the industry. Our second option allows you to build your bundle and strategically select the content that pertains to your needs. Both options are priced the same.
View Now
Go to CLE Center
Southeastern Legal Awards 2025
May 01, 2025
Atlanta, GA

The Daily Report is honoring those attorneys and judges who have made a remarkable difference in the legal profession.


Learn More
ThinkAdvisor LUMINARIES Awards 2024
December 11, 2024
Las Vegas, NV

This event shines a spotlight on how individuals and firms are changing the investment advisory industry where it matters most.


Learn More
Complex Claims & Litigation Forum 2025
February 24, 2025 - February 26, 2025
Las Vegas, NV

This conference aims to help insurers and litigators better manage complex claims and litigation.


Learn More
Go to Events Go to Webcasts
BUSINESS LITIGATION ATTORNEY -- HARTFORD, CT

McCarter & English, LLP is actively seeking a litigation associate for its office located in Hartford, CT. One to three years of experie...


Apply Now ›
Associate Litigator

Borteck & Czapek, P.C., based in Florham Park, is a boutique estates and trusts law firm specializing in estate planning and administrat...


Apply Now ›
Gwinnett County: State Court Staff Attorney

Gwinnett County State Court is seeking an attorney to assist the Judge by conducting a variety of legal research, analysis, and document pre...


Apply Now ›
Go to Lawjobs