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Submitted November 19, 2002

Before FERREN, STEADMAN, and TERRY, Senior Judges.*fn1

This appeal arises from a dispute between St. James Mutual Homes (“St. James”), a cooperative housing corporation, and Tracy Andrade, one of its former members. After a non-jury trial, the court awarded Mr. Andrade the return of what the parties have referred to as “membership monies,” which are the initial payments made to St. James when someone becomes a member of the cooperative, plus interest and court costs.*fn2 The trial court also denied St. James’ counterclaim for unpaid “carrying costs” – i.e., the monthly payments a member makes to the cooperative. St. James argues on appeal (1) that the court erred in ruling that Mr. Andrade’s claim for the return of his membership monies was not barred by the statute of limitations; and (2) that the court’s denial of its counterclaim for unpaid carrying costs was based on an erroneous interpretation of the Occupancy Agreement. We affirm the judgment on Mr. Andrade’s claim and hold that it was not barred by the statute of limitations, but on a ground different from that relied upon by the trial court. With respect to St. James’ counterclaim, we reverse the judgment and remand the case for further proceedings.

 
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