Covenant Clearinghouse LLC v. D.R. Horton, Inc.

CourtNorth Carolina Business Court
DecidedJune 19, 2026
Docket25-CVS-18285
StatusPublished
AuthorMatthew T. Houston

This text of Covenant Clearinghouse LLC v. D.R. Horton, Inc. (Covenant Clearinghouse LLC v. D.R. Horton, Inc.) is published on Counsel Stack Legal Research, covering North Carolina Business Court primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Covenant Clearinghouse LLC v. D.R. Horton, Inc., (N.C. Super. Ct. 2026).

Opinion

Covenant Clearinghouse LLC v. D.R. Horton, Inc., 2026 NCBC 56.

STATE OF NORTH CAROLINA IN THE GENERAL COURT OF JUSTICE SUPERIOR COURT DIVISION GUILFORD COUNTY 25CV018285-400

COVENANT CLEARINGHOUSE LLC, a Nevada limited liability company,

Plaintiff, ORDER AND OPINION v. DEFENDANT’S MOTION TO DISMISS D.R. HORTON, INC., a Delaware Corporation,

Defendant.

1. This matter is before the Court on the Rule 12(b)(6) and Rule 12(b)(7)

motion to dismiss filed by defendant D.R. Horton, Inc. (ECF No. 21).

2. Having considered the complaint, the motion, and the arguments of

counsel, the Court hereby GRANTS IN PART and DENIES IN PART the motion

to dismiss as set forth below.

Clyde & Co US LLP, by Janice Holmes and Matthew J. Obiala, and Gallivan, White, & Boyd, P.A., by Christopher M. Kelly, for Plaintiff Covenant Clearinghouse LLC.

Blanco, Tackabery & Matamoros, P.A., by Chad A. Archer and Ryan Dovel, for Defendant D.R. Horton, Inc.

Houston, Judge.

I. BACKGROUND

3. The Court does not make findings of fact when ruling on a Rule 12(b)(6)

motion and may, but is not required to do so, in resolving a Rule 12(b)(7) motion to

dismiss. See Brewster v. Powell Bail Bonding, Inc., 2018 NCBC LEXIS 76, at *2 (N.C.

Super. Ct. July 26, 2018); see N.C. R. Civ. P. 52(a). Accordingly, for purposes of context only, the Court summarizes the relevant allegations of the complaint.

4. Plaintiff Covenant Clearinghouse LLC is a Nevada limited liability

company. (ECF No. 2, ¶ 1).

5. Defendant D.R. Horton is a Delaware corporation engaged in the

business of real estate development. (ECF No. 2, ¶ 2).

6. Around 10 February 2010, John W. Johnson, Jr. and Billie Johnson (the

“Johnsons” and, with their successors, the “Declarants”) recorded a Declaration of

Covenant (the “Declaration”) with respect to certain real property that they owned

in Guilford County, North Carolina, as described in Exhibit A and Schedule A to the

Declaration and to which Plaintiff now contends the Declaration applies (the

“Property”). (ECF No. 2, ¶ 5 & Ex. 1 (Ex. A at Book 7099, Page 1463)).

7. The Declaration contains various economic provisions that Plaintiff

contends were designed to permit developers of the Property “to recoup development

and infrastructure costs over time, rather than passing all those costs along to the

first purchasers,” purportedly entitling the Declarants (and their assignees or other

successors) to a capital recovery fee equal to 1% of the sales price for each transfer

of any parcel of the Property for a 99-year term. (ECF No. 2, ¶¶ 5–6).

8. The Johnsons ultimately assigned their alleged rights to receive the

capital recovery fee to numerous third parties, including Gantwood, LLC; FCP

Realty Interests III, LLC; First Strategic Capital NC, LLC; Allan Irwin; Michael

Kahn; and Buckingham Trading, LLC (the “Beneficiaries”). (ECF No. 2, ¶ 7).

However, Plaintiff does not allege that the Johnsons assigned or otherwise transferred their remaining contractual rights or interests under the Declaration or

that they no longer own parcels within the larger Property. (See generally ECF No.

2).

9. Plaintiff is the designated trustee under the Declaration to act on

behalf of the Beneficiaries and is compensated based on a percentage of the capital

recovery fees that it recovers for the Beneficiaries. (ECF No. 2, ¶ 7).

10. Under § 25 of the Declaration, the Declarants are permitted to

terminate the Declaration under certain circumstances, as follows:

Notwithstanding any provision or term to the contrary herein, this Declaration shall terminate and be rendered null, void and of no force and effect in its entirety with respect to any portion of the Property that is the subject of a Termination (hereinafter defined). As used herein, a “Termination” shall refer to a written document that (i) describes the portion of the Property to be Released and Exonerated from this Declaration (the “Released Property”); (ii) contains the following statement made under oath by the Party signing the Termination on behalf of the Declarant: “Undersigned does swear and affirm upon personal knowledge that neither the Released Property, nor Declarant’s Beneficial Interest, nor a Controlling Interest in Declarant, has been sold, conveyed or assigned since the date of filing the Declaration recorded in [insert recording information of this Declaration]”; and (iii) is recorded in the OPR. Upon the sale, conveyance or assignment of the Released Property, Declarant’s Beneficial Interest, or a Controlling Interest in Declarant, this Article 25 shall become void. A Termination shall be effective without the necessity of joinder of the Beneficiary(ies), the Trustee, an Owner, any non-profit designated in this Declaration, or any other party affected by this Declaration (jointly and severally the “Affected Parties”). Declarant shall be free to record a Termination notwithstanding any duty or obligation to the Affected Parties and regardless of any financial or legal effect such Termination may have on Affected Parties. Within ten (10) days from the date of filing a Termination, Declarant shall provide a copy of the filed Termination to the Trustee. If a valid Termination is recorded as provided above, the legal description of the Property, for purposes of this Declaration, shall be deemed amended, effective as of the date of recordation of the Termination, to exclude the Released Property. Upon Declarant’s written request, the Trustee and Affected Parties shall execute any document(s) necessary to effectuate this provision. This right to terminate is personal to the Declarant, and cannot be conveyed, assigned or otherwise exercised by another party (including, but not limited to, by any successor, heir or assign of Declarant).

(ECF No. 2, Ex. 1, § 25 (emphasis in original)).

11. On 4 October 2012, the Johnsons executed a “Termination of

Declaration of Covenant,” which was recorded with the Guilford County Register of

Deeds on 14 November 2012 (the “Termination”). (ECF No. 2, ¶ 9 & Ex. 2).

12. In relevant part, the Termination provides as follows:

Further as required by Section 25 of the Declaration, the undersigned does swear and affirm, upon personal knowledge, that neither the Released Property, nor Declarant’s Beneficial Interest, nor a Controlling Interest in Declarant (all as defined in the Declaration), has been sold, conveyed or assigned since February 10, 2010, the date of filing of the Declaration as recorded in the office of the Register of Deeds of Guilford County, North Carolina in Book 7099, Page 1452.

(ECF No. 2, Ex. 2 at 1). 1

13. The Termination is signed and stamped by notary Bettye B. Howard as

of 4 October 2012 and, as to both John W. Johnson, Jr. and Billie Johnson, contains

a certification by the notary that each person “personally appeared before me this

day, acknowledging to me that he or she signed the foregoing document[.]” (ECF No.

2, Ex. 2 at 2).

14. While the Termination contains a representation by the Johnsons that

they “swear and affirm” to the information therein, the notarial certificate and the

Termination lack any indication that the Johnsons were affirmatively sworn under

1 The Termination attaches as an exhibit a description of the portion of the Property as to

which it purports to terminate the Declaration. oath or affirmed under penalty of perjury by the notary. (See generally ECF No. 2,

Ex. 2).

15. Indeed, according to Plaintiff, “the Declarants did not swear under oath

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